ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the amount of a good or service that consumers are willing to buy.
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is the amount of a good or service produced.
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is the price that is demanded by consumers.
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None of the above.
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Detailed explanation-1: -Demand is the consumer’s desire to purchase a particular good or service. Market demand is the demand for a particular good in the market. Aggregate demand is the total demand for goods and services in the economy. Demand and supply match determines the price of the good or service.
Detailed explanation-2: -Consumer demand is an economic measure of a group’s desire for a product or service based on availability. It represents the buying habits of consumers and helps determine the purchasing trends of specific populations.
Detailed explanation-3: -Demand for any commodity implies the consumers’ desire to acquire the good, the willingness and ability to pay for it. The demand for a good that the consumer chooses, depends on the price of it, the prices of other goods, the consumer’s income and her tastes and preferences.
Detailed explanation-4: -demand price. noun [ C, usually singular ] ECONOMICS. the price that people are willing to pay for goods and services when a particular amount or quantity is available: When the demand price is greater than the supply price, the amount produced tends to increase.