theory of demand

theory of demand

the body of theory concerned with the determinants of the market DEMAND for GOODS and SERVICES and the effects of market demand (together with market supply) on the prices and quantities transacted of particular goods and services. See DEMAND FUNCTION, DEMAND CURVE, DEMAND CURVE ( SHIFT IN), ELASTICITY OF DEMAND, TOTAL REVENUE, MARGINAL REVENUE, MARGINAL REVENUE PRODUCT, EQUILIBRIUM MARKET PRICE, CONSUMER EQUILIBRIUM, THEORY OF MARKETS, PRICE SYSTEM.