00:01
So here we're talking about the market for dvd players in response to an increase in the price of dvds.
00:06
So let's draw a demand curve, right? we're asked about the demand curve.
00:10
So let's draw a demand curve.
00:12
The demand curve is a relationship between price and quantity, and the demand curve is sloping down, right? that's the law of demand.
00:21
That's what's telling us that as the price falls, people choose to buy more of it, right? so we're told that the price of dvds decreases.
00:36
So this is not a shift in the curve, right? demand doesn't increase or decreases, right? there is no change in demand, but there is, as we go from, say, here down to here, a increase in quantity demanded, right? remember, the demand curve tells us how much people are wanting to buy at every single price, right? that's what the demand curve is...