ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Each consumer’s preference for higher income
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A particular consumer’s preference for consumption compared to saving
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Each firm’s demand for more customers
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A consumer’s demand for a particular good or service
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Detailed explanation-1: -Individual demand refers to the quantity of the commodity that a consumer is able and willing to buy at each possible price during a given period of time.
Detailed explanation-2: -Individual demand refers to the demand for a good or a service by an individual (or a household). Individual demand comes from the interaction of an individual’s desires with the quantities of goods and services that he or she is able to afford. By desires, we mean the likes and dislikes of an individual.
Detailed explanation-3: -Market demand is the demand in the market for particular goods and services. As the market demand checks the particular goods and services, factors like competitive products can affect the market demand. Aggregate demand is the demand for all products and services in an economy.
Detailed explanation-4: -Individual demand implies, the quantity of good or service demanded by an individual household, at a given price and at a given period of time. For example, the quantity of detergent purchased by an individual household, in a month, is termed as individual demand.
Detailed explanation-5: -What is the difference between individual and market demand? As you might guess, individual demand refers to a single person or household, while market demand generalizes trends for many individuals in a particular segment.