ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The quantity demanded refers to the number of goods a buyer is willing to buy at a given price. The increase or decrease in the buyer’s requirement changes the quantity demanded. The same is represented by the slope of the demand curve.

Detailed explanation-2: -What Is Quantity Demanded? Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether that market is in equilibrium.

Detailed explanation-3: -Definition: Quantity demanded is the quantity of a commodity that people are willing to buy at a particular price at a particular point of time.

Detailed explanation-4: -A market-clearing price is the price of a good or service at which quantity supplied is equal to quantity demanded, also called the equilibrium price.

Detailed explanation-5: -The relationship between the quantity demanded of a good or service in the marketplace by consumers, and its price is called the demand curve.