Demand Schedule and Factors Affecting Demand

Front

What remains unchanged regarding consumers' income?

Back

Consumers' income remains unchanged.

Front

What remains unchanged regarding consumers' tastes and preferences?

Back

Tastes and preferences of consumers remain unchanged.

Front

What remains unchanged regarding the price of substitute and complement goods?

Back

Price of substitute goods and complement goods remain unchanged.

Front

What is stated about expectations of future changes in the price of the commodity?

Back

There are no expectations of future changes in the price of the commodity.

Front

What is a demand schedule?

Back

A demand schedule is a table or a chart which shows the different quantities of commodity demanded at different prices in a given period of time.

Front

What are the two types of demand schedules?

Back

Individual Demand Schedule and Market Demand Schedule.

Front

What does an individual demand schedule show?

Back

It shows the different quantities of a commodity demanded by an individual at different prices at any given time.

Front

What factors affect individual demand?

Back

Individual demand is affected by the price of the commodity, consumer’s income, and his tastes and preferences.

Front

What is a market demand schedule?

Back

A market demand schedule is a tabular representation of the aggregate quantity demanded of a commodity at each price by all the buyers in the market at any given time.