ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The consumer is able to afford the good or service but may be unwilling to buy it.
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The consumer wants the good or service but may not actually have the money for it.
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The consumer is able to buy the good or service but not at the price demanded.
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The consumer is willing and able to buy the good or service at the specified price.
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Detailed explanation-1: -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. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.
Detailed explanation-2: -What does it mean when an economist says that a consumer has demand for a good or service? The consumer is willing and able to buy the good or service at the specified price.
Detailed explanation-3: -Explanation: When an economist says that the demand for a specific commodity has increased, he or she wants to explain that the consumers or buyers are willing to consume more output at the same price level, which is further represented by a rightward shift in the demand curve.
Detailed explanation-4: -Consumers buy goods and services to satisfy their wants, and producers make goods and services.
Detailed explanation-5: -Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.