ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Demand for goods and services 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.

Detailed explanation-3: -Q. Individual demand refers to the quantity of the commodity that a consumer is able and willing to buy at each possible price during a given period of time.

Detailed explanation-4: -The higher the price, the more suppliers are likely to produce. Conversely, buyers tend to purchase more of a product the lower its price. The equation that spells out the quantities consumers are willing to buy at each price is called the demand curve.

Detailed explanation-5: -The economic principle of demand concerns the quantity of a particular product or service that consumers are willing to purchase at various prices.