ECONOMICS (CBSE/UGC NET)

ECONOMICS

DEMAND

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of these is neither a good nor a service?
A
A gallon of gasoline
B
A piano lesson
C
A meal at a restaurant
D
A $20 bill
Explanation: 

Detailed explanation-1: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time.

Detailed explanation-2: -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: -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.

Detailed explanation-4: -Lesson 2: Law of Supply The quantity supplied of any good or service is the amount of a good that sellers are willing and able to sell at a particular price. Many factors affect supply, but only price can determine the quantity supplied.

There is 1 question to complete.