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The demand is the quantity that consumers demand for a good/service at a certain price. The more quantity asked,  lower is the price. The demand has a negative slope.

The supply is the quantity of ...

The chracteristics of perfect competition are: many firms, freedom of entry and exit, all firms produce identical or homogenous products, all firms are price takers(have no influence over the price) and h...

Demand is the willingness or ability of a consumer to purchase something, at a certain price, at a certain time.

A profit maximising equilibria is one in which the firm maximises overall profit over all other potential outcomes. The point at which the firm is maximising profit is where marginal revenue intersects ma...

The government could increase the size of its working population through supply side policies such as spending on education and training. If more people are educated and trained, then there will be a redu...