demand: a list of prices
and the quantities that would be purchased at those prices,
holding all other things constant.
The demand is the entire curve.
quantity demanded: the quantity bought at a particular price.
It is a point on the demand curve.
Equation of demand: q=f(p)
Inverse demand: p=f(q)
Law of demand: a higher price never results in
a greater quantity demanded as a substitute good.
The law of demand depends on the substitution effect:
when a price changes,
buyers substitute lower-priced goods for higher-priced goods.
A change in price also has an income effect.
It changes the quantity demanded, but this is not part of the law of demand.
supply: a list of prices
and the quantities that would be sold or rented at those prices,
holding all other things constant.
quantity supplied: at some price.