Distinguish between:
3. Individual demand and market demand
ANSWER:
Individual Demand
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Market Demand
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It refers to the demand for a product by a single consumer.
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It refers to the demand for a product by all consumers in the market.
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The demand curve for individual demand is relatively steeper.
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The demand curve for market demand is relatively flatter.
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It represents various quantities of a particular commodity that a consumer (single buyer) is willing to purchase at different possible prices.
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It represents various quantities of a particular commodity that all consumers in the market are willing to purchase at different possible prices.
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