Quantity Demanded is the amount of a good or service that a consumer is willing to purchase at a given price.
QUANTITY DEMANDED IS NOT THE SAME AS DEMAND. This is a huge mistake people make in this course. What's the difference?
Demand is the relationship between price and quantity demanded and is usually shown as a line of a graph. Quantity demanded is a single point on that line.
Remember that Quantity Demanded and Demand are different things. You will have questions on your exam that give you a scenario, and you have to know whether it affects Demand or Quantity Demanded.
Holding all else constant, quantity demanded is ONLY changed by the price of a product.
Using our example from above, let’s say that the price of white sneakers is $200. Now, the seller of the shoes has decreased the price of shoes to $10 dollars. What happens to the quantity demanded?
We know that at a price of $200, Chad wants 1 pair of shoes. We also know that at a price of $10, Chad wants 5 pairs of shoes. Therefore, Quantity Demanded increases by 4. We can also use the graph to solve this.