Distinguish between demand by an individual consumer and market demand of a good. Also state the factors leading to fall in demand by an individual consumer.

Distinguish between demand by an individual consumer and market demand

1.	Distinguish between demand by an individual consumer and market demand of a good. Also state the factors leading to fall in demand by an individual consumer.
Answer» Solution :Demand by an individual refers to the quantity of a good the consumer is willing to buy at a price during a PERIOD of TIME. While market demand refers to the quantity of a good the consumers of that good are willing to buy at a price during a period of time The factors leading to fall in demand by an individual consmers are : (i) RISE in own price of the normal good (ii) Fall in the price of substitude good (iii) Rise in the price of complementary good (iv) Fall in the income of the consumers in case of a normal good.