4.1 Demand

MyEconLab Concept Video

First, we’ll study the behavior of buyers in a competitive market. The quantity demanded of any good, service, or resource is the amount that people are willing and able to buy during a specified period at a specified price. For example, when spring water costs $1 a bottle, you decide to buy 2 bottles a day. The 2 bottles a day is your quantity demanded of spring water.

The quantity demanded is measured as an amount per unit of time. For example, your quantity demanded of water is 2 bottles per day. We could express this quantity as 14 bottles per week, or ...

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