Walras's law shows that the excess of one form of this quantity is identically zero, and Engel curves display this quantity's variation. Shepherd's lemma is used to show that a partial derivative of the expenditure function with respect to price equals one form of this quantity in an equation that compares its uncompensated and compensated forms. The effective form of this quantity is lower than its total amount until its graph intersects the identity line in the (*) Key
Walras's law shows that the excess of one form of this quantity is identically zero, and Engel curves display this quantity's variation. Shepherd's lemma is used to show that a partial derivative of the expenditure function with respect to price equals one form of this quantity in an equation that compares its uncompensated and compensated forms. The effective form of this quantity is lower than its total amount until its graph intersects the identity line in the (*) Keynesian Cross diagram, which measures a form of this quantity on the y-axis. The cross price elasticity of this quantity is negative for complements, and the Slutsky equation demonstrates the substitution and income effects on this quantity. For 10 points, name this economic quantity which is downward sloping when graphed against price and is the opposite of supply.
Walras's law shows that the excess of one form of this quantity is identically zero, and Engel curves display this quantity's variation.