Supply, Demand, and Market Equilibrium

Explain the concept of market equilibrium in economics.

What is the definition of demand as described in the image?

Based on the definition of demand, explain which of the following items you have a demand for: a phone, shoes, or a car, and why.

What is a demand schedule?

Based on the demand schedule provided, what is the quantity demanded when the price per widget is $3?

What is a demand schedule and how is it represented on a graph?

On a demand graph, what is listed on the vertical axis and what is listed on the horizontal axis?

Explain what a demand curve is in the context of a demand graph.

What do you notice about the demand curve?

How would you describe the slope of the demand curve?