0455
Demand
Allocation of Resources · 4 question types
Exam Frequency Analysis
Past paper frequency (2018 to 2024)
This topic accounts for approximately 20% of your exam marks.
stable
Very High
Stable20%
Demand is the single highest-frequency topic; demand definition, curve shifts, and factors appear on virtually every Paper 2, typically worth 10 to 18 marks.
Individual demand is the quantity of a good one consumer is willing and able to buy at each price. Market demand is the sum of all individual demands at each price.
To build the market demand curve, the demand from every consumer is added horizontally (i.e. quantities at each price are added together). For example, if at a price of $10 one group of buyers demands 500 units and another demands 400, market demand is 500 + 400 = 900 units at that price.
