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Demand and supply econ 1000 a. Web in economic terms, demand is the amount of a good or a service that a consumer is willing to buy at various possible prices during a given time period. It is a measure of how responsive quantity is to a price change. Where data on the production volume x x and total cost y y for a particular manufacturing operation were used to develop the estimated regression. Each of the events listed below has an impact on the market for. Demand and supply econ 1000 a. Web section 1, chapter 4 4 the law of demand the law of demand states that the quantity demanded of a good or service varies inversely with its price. The desire to own something and the ability to pay for it. Consumers will buy less of. Consumers will buy more of a good when its price decreases. Web chapter 4 guides highlights 1.