ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Are willing to purchase it
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Are able to purchase it
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None are correct
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Are willing And able to purchase it
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Detailed explanation-1: -Demand is an economic concept that relates to a consumer’s desire to purchase goods and services and willingness to pay a specific price for them.
Detailed explanation-2: -Demand refers to the consumer’s desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget.
Detailed explanation-3: -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-4: -In its standard form a linear demand equation is Q = a-bP. That is, quantity demanded is a function of price. The inverse demand equation, or price equation, treats price as a function f of quantity demanded: P = f(Q). To compute the inverse demand equation, simply solve for P from the demand equation.