<Dd> Good 's own price : The basic demand relationship is between potential prices of a good and the quantities that would be purchased at those prices . Generally the relationship is negative meaning that an increase in price will induce a decrease in the quantity demanded . This negative relationship is embodied in the downward slope of the consumer demand curve . The assumption of a negative relationship is reasonable and intuitive . If the price of a new novel is high , a person might decide to borrow the book from the public library rather than buy it . </Dd>
<Dd> Good 's own price : The basic demand relationship is between potential prices of a good and the quantities that would be purchased at those prices . Generally the relationship is negative meaning that an increase in price will induce a decrease in the quantity demanded . This negative relationship is embodied in the downward slope of the consumer demand curve . The assumption of a negative relationship is reasonable and intuitive . If the price of a new novel is high , a person might decide to borrow the book from the public library rather than buy it . </Dd>
demand for a good is a measure of the relationship between
demand for a good is a measure of the relationship between
potential prices of a good and the quantities that would be purchased at those prices
potential prices of a good and the quantities that would be purchased at those prices