Microeconomics of Supply and Demand


Demand, Goods and services, Consumer, Law of demand, Law of supply, Demand curve, Supply curve, Market equilibrium, scarcity, Economics, Buyers, Sellers, Supply


Demand is the number of goods and services purchased to buy a consumer at a given price. The opposite in effect relationship between the price of goods and services and the quantity demanded is referred to as the law of demand. Supply is the number of goods and services a supplier is willing to supply to the consumers at a given price. The law that assumes that all variables affecting supply are held constant is what has come to be known as the law of supply. Demand and supply as the most important economic concepts in the market is what this paper seeks to analyse in detail expounding and explaining the microeconomics laws of supply and demand.


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