What Is Market Demand?
Market demand is the aggregate of the individual demand for a commodity from purchasers in the marketplace. If more purchasers enter the marketplace, and they have the capability to pay for commodities on sale, then the market demand at each cost price degree will increase.
In the previous section, we had learnt the issue of the preference of the individual customer and derived the demand curve of the customer. However, in the marketplace for a commodity, there are many customers. It is significant to find out the market demand for the commodity.
The market demand for a commodity at a particular cost price is the total demand of all customers taken together. The market demand for a commodity can be derived from the individual demand curves. The market demand curve of a commodity can also be procured from the individual demand curves graphical depiction by summing up the individual demand curves.
This is a detailed and elucidated information about the concept Market Demand. To learn more, stay tuned to BYJU’S.