Demand: key points a willingness and ability to buy a relationship between guantity demanded and product price -Qd=f(P) quantity demanded is a function of price quantity demanded is determined by price ■ The law of demand Qd and p are negatively related a Demand Curve: downward sloping Market demand the sum of individual demand4 Demand: key points ◼ willingness and ability to buy ◼ a relationship between quantity demanded and product price ◼ Qd = f (P) – quantity demanded is a function of price – quantity demanded is determined by price ◼ The law of demand: Qd and P are negatively related ◼ Demand Curve: downward sloping ◼ Market demand: the sum of individual demand