Shift Factors of demand
2. price of other goods
5. Taxes on and subsidies to consumers
Shift Factos of Supply
1. Price of inputs
4. Taxes and subsidies
The additional cost to you over and above the costs you have already incurred."
The additional benefit above what you've already derived"
graphic representation of the relationship between price and quantity demanded.
Law of Demand
Quantity demanded rises as price falls, other things constant.
The Law of supply
Quantity supplied rises as price rises, other things constant.
Market demand curve-
horizontal sum of all individual demand curves