ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a desire to buy a product.
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producers to sell a product.
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an ability to buy a product.
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a willingness to buy a product.
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Detailed explanation-1: -The factors that must exist for there to be demand are; an ability to buy a product, a willingness to buy a product, and producers to sell the product. What happens to most goods and services when there is an increase in price? When there is an increase in price, there is a decrease in the quantity demanded.
Detailed explanation-2: -Essential elements of demand are quantity, ability, willingness, prices, and period of time.
Detailed explanation-3: -Market demand is determined by a few factors, including the number of people seeking your product, how much they’re willing to pay for it, and how much of your product is available to consumers, from both your company and from your competitors.
Detailed explanation-4: -Answer and Explanation: A change in the price of a good does not shift the demand curve.