50 sats \ 0 replies \ @Undisciplined OP 25 Oct 2023 \ parent \ on: Meta Econ Takeover Day 8 meta
It's really tricky to disentangle, because prices reflect both the ease of production and value to consumers. However, we do differentiate between "Demand" and "Quantity Demanded".
"Demand" is the set of quantities that would be purchased at each price: aka the Demand Curve. Whereas, "Quantity Demanded" is the amount that will be purchased at the equilibrium price.
A quality good would have high "Demand" compared to it's substitutes, regardless of what the "Quantity Demanded" ends up being.
Essentially, what "quality" means in a subjective value framework, is that people are willing to pay more for it.