BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -What Is Demand? Demand is an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them. An increase in the price of a good or service tends to decrease the quantity demanded.

Detailed explanation-2: -Willingness to pay is the maximum amount that a buyer will pay for a good. It measures how much the buyer values the good or service. pay for a good minus the amount the buyer actually pays for it. quantities that buyers would be willing and able to purchase at different prices.

Detailed explanation-3: -Desire backed by the ability to pay and willingness to buy that commodity is called demand.

Detailed explanation-4: -Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific period.

Detailed explanation-5: -The demand curve is a graphical illustration of the relationship between price and quantity demanded. Demand is the willingness and ability of consumers to purchase a given good at a given price at a given time.