ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply
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Demand
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Economics
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Socialism
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Detailed explanation-1: -Willingness to pay, sometimes abbreviated as WTP, is the maximum price a customer is willing to pay for a product or service.
Detailed explanation-2: -The willingness to buy a good or service and the ability to pay for it is called demand.
Detailed explanation-3: -Demand is simply the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period. People demand goods and services in an economy to satisfy their wants, such as food, healthcare, clothing, entertainment, shelter, etc.
Detailed explanation-4: -DEMAND-the desire, ability, and willingness to buy a product. that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time.