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Questions
Distinguish between Individual demand and Market demand.
With the help of diagrams explain the difference between individual demand and market demand.
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Solution 1
| Basis of Difference | Individual demand | Market demand |
| Represents | It represents the quantities demanded, at different prices, by an individual. | It represents the aggregate quantities demanded at different prices, by all the consumers. |
| A shape of curve | The individual demand curve is relatively steeper. | The market demand curve is relatively flatter. |
Solution 2
| Individual demand | Market demand |
| Individual demand curve shows the quantity demanded by a single consumer of a commodity at a point of time at different prices. | Market demand curve shows the aggregate quantity that all the consumers of a commodity are willing and able to buy at a point of time in the market at different possible prices. |
| Individual demand curve establishes the relationship between quantity demanded by a consumer as price changes. | The market demand curve indicates the relationship between the total quantity demanded and market price of the commodity. |
| The individual demand curve shows small quantiy of demand for a commodity. | The market demand curve shows a large volume of quantity demanded, therefore, the market demand curve is flatter in comparison to the individual demand curves. |
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