Individual and Market Demand
The quantity of a product, which an individual is willing to buy at a particular price during a specific time period, given his money income, his taste, and prices of other commodities (particularly substitutes and complements), is called ‘individual’s demand for a product’. The total quantity, which all consumers are willing to buy at a given price per time unit, given their money income, taste, and prices of other commodities is known as ‘market demand for the good’. In other words, the market demand for a good is the sum of the individual demands of all the consumers of a product, over a time period at given prices.
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