Introduction To Demand Flashcards
1
Q
What is demand?
A
When you demand something you are willing and able to but it.
2
Q
Why does the demand curve always slope downwards?
A
It always slopes downwards as they have an inverse relationship.
3
Q
When is there an extension in demand?
A
When price goes down
4
Q
When is there a contraction in demand?
A
When price goes up
