Market demand refers to the total quantity of a product or service that consumers are willing and able to purchase at various price levels within a specific time period. It is influenced by factors such as consumer preferences, income levels, and the prices of related goods. Understanding market demand helps businesses make informed decisions about production and pricing strategies. The concept of market demand is often represented through a demand curve, which illustrates the relationship between price and quantity demanded. As prices decrease, demand typically increases, reflecting the law of demand. This relationship is crucial for economists and businesses to analyze market trends and consumer behavior.