Answer to Question #199274 in Macroeconomics for Fred

Question

Properties of individual demand

Answer 1

Individual demand is the demand for this product from an individual buyer. There are three possible configurations of individual demand lines: the traditional straight line with a negative slope, the convex demand curve discussed above, and the stepwise continuous demand line. When describing these types of demand curves, it should be borne in mind that individual demand necessarily has two constraints: a prohibitively high price, above which the buyer does not agree or is not able to purchase this product at all, and the maximum possible volume, which is determined by the general need of the buyer for this product.