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