ECONOMICS (CBSE/UGC NET)

ECONOMICS

SCARCITY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The total amount of a good or service that customers will buy at all prices is called
A
demand
B
incentive
C
profit
D
supply
Explanation: 

Detailed explanation-1: -The total number of units purchased at that price is called the quantity demanded. An increase in the price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a decrease in price will increase the quantity demanded.

Detailed explanation-2: -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. An increase in the price of a good or service tends to decrease the quantity demanded.

Detailed explanation-3: -Market demand is how much consumers want a product for a given period of time.

Detailed explanation-4: -Demand is the consumer’s desire to purchase a particular good or service. Market demand is the demand for a particular good in the market. Aggregate demand is the total demand for goods and services in the economy. Demand and supply match determines the price of the good or service. Understanding the concept of demand.

Detailed explanation-5: -i. Individual and Market Demand: ii. Organization and Industry Demand: iii. Autonomous and Derived Demand: iv. Demand for Perishable and Durable Goods: v. Short-term and Long-term Demand:

There is 1 question to complete.