The Law of Consumer’s Demand

Abstract

1. We have now, from the conditions of equilibrium and the basic assumption of regularity, set out in the preceding chapter, to deduce laws of market conduct — to find out what can be said about the way the consumer will react when prices change. Discussion of equilibrium conditions is always a means to an end; we seek information about the conditions governing quantities bought at given prices in order that we may use them to discover how the quantities bought will be changed when prices change.