vitÂ·riÂ·fy (vÄ­tâ²rÉ-fÄ«â²) v. vitÂ·riÂ·fied, vitÂ·riÂ·fyÂ·ing, vitÂ·riÂ·fies v.tr. To change or make into glass or a glassy substance, especially through heat fusion. v.intr. To become vitreous.
We draw a demand curve to show the relationship between the price of the good and the quantity that consumers are willing to buy. For example, suppose people are willing to buy 20 pounds of strawberries at a price of $2, but are willing to buy 30 pounds if the price falls to $1.
Supply and demand curves express relationships between price and quantity. Equilibrium exists when supply equals demand. The shape of these curves and the equilibrium price affect small and large businesses because revenues are a factor of price and quantity. Although a single business cannot affect the shape of these curves, the combined actions of businesses and consumers affect the supply and demand curves for different industries.