ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Both are considered as Demand
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(A) is demand while (B) is not
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(B) is demand while (A) is not
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Both cannot be considered as Demand
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Detailed explanation-1: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price.
Detailed explanation-2: -The term demand means the willingness and ability of buyers to purchase goods and services. According to the law of demand, there is an inverse relationship between the price of a good and the quantity demanded. The quantity demanded is the quantity that buyers are willing and able to pay for.
Detailed explanation-3: -Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period.
Detailed explanation-4: -In other words demand can be defined as the quantity of a product that a buyer desires to purchase at a specific price and time period The’ demand for a product is influenced by a number of factors, such as price of the product, change in customers’ preferences, and standard of living.