ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demand
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Supply
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Either A or B
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None of the above
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Detailed explanation-1: -Desire backed by the ability to pay and willingness to buy that commodity is called demand. Production and price of a commodity depends on the demand of that good.
Detailed explanation-2: -DEMAND-the desire, ability, and willingness to buy a product. that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time.
Detailed explanation-3: -“Demand means effective desire or want for a commodity, which is backed by the ability (i.e., money or purchasing power) and willingness to pay for it.” That is one should have the desire and capacity to buy a commodity and should be willing to pay its price to constitute effective demand for that commodity.
Detailed explanation-4: -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.
Detailed explanation-5: -Desire refers to the ambition or aspiration of a person. Want is a strong feeling, craving or demand of a person to possess some things. Demand refers to the claim, interest, order or ability to purchase that commodity at a given price.