Index
The Demand Curve 1
The Demand Curve 2
The Demand Curve 3
The Laws of Supply and Demand - 4
The Laws of Supply and Demand - 5
A ''Contraction'' of Demand - 6
''Ceteris Paribus'' - 7
An ''Expansion'' of Demand - 8
Marginal Utility - 9
Marginal Utility - 10
Marginal Utility - 11
Marginal Utility - 12
Consumer Surplus - 13
Consumer Surplus - 14
Price Discrimination - 15
An ''Expansion'' of Supply - 16
An ''Expansion'' of Supply - 17
Market Equilibrium - 18
Market Equilibrium - 19
Market Equilibrium - 20
Movements of the Demand Curve - 21
Movements of the Demand Curve - 22
Movements of the Demand Curve - 23
Inferior Goods - 24
Movements of the Demand Curve - 25
Movements of the Supply Curve - 26
Movements of the Supply Curve - 27
Movements of the Supply Curve - 28
The Income Effect - 29
The Substitution Effect - 30
The Substitution Effect - 31
The Substitution Effect - 32
The Substitution Effect - 33
Complements - 34
Complements - 35
Review: Factors Effecting Demand - 36
Review: Factors Effecting Demand - 37
The Goals of Firms - 38
The Goals of Firms - 39
To: Elasticity
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The Laws of Supply and Demand - 4

The ''law of demand'' states that, all other variables remaining the same, the higher the price, the less the quantity demanded.

This can be seen in the diagram to your left. Fred the butcher notices that when the price of beef is $6 per kilogram, 150 kilograms are bought each week. When the price of beef is $8 per kilogram, 100 kilograms are bought each week.

The ''law of supply'' states that the higher the price of a good or service, all other variables remaining the same, the greater the quantity is supplied.

In the diagram, we can see this effect. When the price of beef is $6 per kilogram, Fred the butcher will supply 50 kilograms per week. When the price of beef rises to $8 per kilogram, Fred will supply 100 kilograms per week.