ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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will buy at one particular price over a long time period
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would like to consume on a given date
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will buy at many different prices at a particular time
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would like to have available during a given time period
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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: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget.
Detailed explanation-3: -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. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.
Detailed explanation-4: -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-5: -Composite Demand: The demand for a commodity which can be put to several uses is known as composite demand.