The Columbia Encyclopedia, Sixth Edition. Columbia Encyclopedia World Factbook American Heritage Coll.
Demand refers to the quantity of a good that is demanded by consumers at any given price.
According to the law of demand, demand decreases as the price rises. Theories of supply and demand had their roots in the early 20th cent. More recent theories, such as indifference-curve analysis and revealed preference, offer more flexibility to the supply and demand theories created by proponents of marginal utility. See also competition . The Columbia Encyclopedia, Sixth Edition.