ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the quantity of something people will buy at a particular price
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the quantity of something consumers would like to have available
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the quantities of something people would buy at all possible prices
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the total amount buyers would spend on a product at a particular time
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Detailed explanation-1: -In economics, demand refers to how much of a good or service consumers are willing to buy at a given price. The law of demand states that as price increases, demand generally falls, and vice versa. The law of demand for a given product or service can be plotted on a chart as a demand curve.
Detailed explanation-2: -In economics, “demand” refers to the entire curve that illustrates the relationship between price and quantity. “Quantity demanded” refers to a specific point on that curve, where a certain price is associated with a certain quantity.
Detailed explanation-3: -What Is Supply? Supply in economics is defined as the total amount of a given product or service a supplier offers to consumers at a given period and a given price level. It is usually determined by market movement. For instance, a higher demand may push a supplier to increase supply.
Detailed explanation-4: -Demand is the quantity of consumers who are willing and able to buy products at various prices during a given period of time. Demand for any commodity implies the consumers’ desire to acquire the good, the willingness and ability to pay for it.