GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumers are willing and able to purchase
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Producers are willing and able to manufacture
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Either A or B
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None of the above
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Detailed explanation-1: -Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. In economics, a demand schedule is a table that shows the quantity demanded of a good at different price levels.
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.
Detailed explanation-3: -Supply refers to the quantity of goods a supplier offers to consumers. Supply and demand are key players in determining prices and goods consumption or services. The law of supply states that having higher demand is a positive indication for suppliers to increase supply.
Detailed explanation-4: -Demand refers to how much of a product consumers are willing to purchase, at different price points, during a certain time period.
Detailed explanation-5: -Quantity demanded is the amount of a good that buyers are willing and able to purchase at a particular price.