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Supply & Demand The Law of Demand Demand in Economics = Special Meaning Demand does not represent a want It represents all of the goods and services consumers will purchase at various prices. Demand includes two factors: A willingness to consume And the ability to purchase The Law of Demand – Part I Price Quantity Demanded The Law of Demand – Part II Price Quantity Demanded Utility Util = Hypothetical unit used to measure how much utility a person obtains from consuming a good or service. Utility = The satisfaction or enjoyment a person obtains from consuming a good or service. Marginal Utility rTotal Utility ________________________________________ rQuantity