Marginal demand in

economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analy ...

is the change in demand for a product or service in response to a specific change in its price. Normally, as prices for goods or services rise, demand falls, and conversely, as prices for goods or services fall, demand rises. A product or service for which price changes cause a relatively big change in demand is said to have ''elastic'' demand. A product or service where price changes cause a relatively small change in demand is said to have ''inelastic'' demand.

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