Learning objectives
Define effective demand and derive market demand by adding individual demand curves horizontally
Explain why the demand curve slopes downwards, using the income and substitution effects of a price change
Distinguish a movement along the demand curve (extension or contraction) caused by the good's own price from a shift caused by a change in the conditions of demand
Analyse how changes in income for normal and inferior goods, in the prices of substitutes and complements, and in tastes, advertising and population shift demand
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