ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Demand-a schedule or a curve showing the various amounts of a product consumers are willing and able to buy at each of a series of possible prices during a specified period of time. Quantity Demanded-the amount of a good that consumers choose to buy at a particular price.

Detailed explanation-3: -Demand represents the buyers in a market. Demand is a description of all quantities of a good or service that a buyer would be willing to purchase at all prices. According to the law of demand, this relationship is always negative: the response to an increase in price is a decrease in the quantity demanded.

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: -Demand is the desire, willingness, and ability to buy a good or service. price and the quantities bought and sold. Several factors can cause market demand for a product or service to change.