Demand Curve

Demand Curve

Introduction

The most important concept and base of economics is the concept of supply and demand. It is defined as the 'the amount of a good or service that producer are able and willing to sell, and that customers are able and willing to buy at various prices during a specific time period' (Miller, 2003). The supply and demand model consists of five elements which are the demand curve, the supply curve, the factors that cause either the demand or supply curve to shift, the equilibrium price, and the manner in which the equilibrium price changes.

Discussion

The demand curve ...