GENERAL KNOWLEDGE

Detailed explanation-1: -Economists define demand as the quantity of a good or service that buyers are willing and able to buy at all possible prices during a certain period of time.

Detailed explanation-2: -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-3: -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 quantity supplied of a good or service is the quantity sellers are willing to sell at a particular price during a particular period, all other things unchanged. A supply schedule shows the quantities supplied at different prices during a particular period, all other things unchanged.

Detailed explanation-5: -Definition: Quantity supplied is the quantity of a commodity that producers are willing to sell at a particular price at a particular point of time.