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Concept Version 6
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Willingness to Pay and the Demand Curve

Supply and demand graph

Supply and demand graph

The downward sloping demand curve reflects the fact that as price increases, consumers willing to purchase less of the good or service.

Source

    Boundless vets and curates high-quality, openly licensed content from around the Internet. This particular resource used the following sources:

    "Why is Music Cheaper Now? It's as Simple as Supply and Demand - MTT - Music Think Tank."
    http://www.musicthinktank.com/blog/why-is-music-cheaper-now-its-as-simple-as-supply-and-demand.html Music Think Tank CC BY.

Related Terms

  • utility
  • demand curve
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