ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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goods, price
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quantities, time
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quantities, price
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price, quantities
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Detailed explanation-1: -According to Penson – “Demand implies three things-(i) Desire to possess a thing, (ii) Means of purchasing it; and (iii) Willingness to use those means for purchasing it.” 2. Benham has said – “Demand means always demand at a price, the term has no significance unless a price is stated.
Detailed explanation-2: -What Is Demand? 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: -DEMAND-the desire, ability, and willingness to buy a product. that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time.
Detailed explanation-4: -How does ceteris paribus relate to demand? According to the law of demand, ceteris paribus, consumers purchase more goods when the price is low. If the demand for goods and services exceeds the supply, other things remain constant; prices will rise.