ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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create consumer needs.
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increase income effectiveness.
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create consumer demand.
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minimize the income effect.
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Detailed explanation-1: -Lack of urgency in demand for a product means that a product is not a basic need. The demand for such products can therefore be postponed in case there is a rise in the prices. Thus, the demand will tend to be elastic.
Detailed explanation-2: -A market demand curve shows the quantities of a product demanded by everyone who is interested in purchasing it at all possible prices.
Detailed explanation-3: -. A desire to buy a product is the only requirement needed for demand to exist. Marginal utility describes the decreasing satisfaction a consumer receives with the purchase of each additional unit. A demand schedule is created from a demand curve.
Detailed explanation-4: -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.