What is the difference between Quantity Demanded vs Demand and Quantity Supplied vs Supply in Microeconomics?
In: 0
I presume you’ve seen supply and demand curves if you’re asking this question.
Demand is the whole curve. Quantity demanded is the particular volume demanded at a particular point on that curve.
In other words, if I asked you to describe the demand for a product, you should tell me about the _relationship_ between demand and price using terms like elasticity. If I asked you about the quantity demanded at a particular price point, you should instead give me the _exact number_ of units demanded at that price point.
The difference between supply and quantity supplied is the same.
Latest Answers