Question

Demand is an economic principle referring to a consumer's desire to purchase goods and services:
1. after assurance of quality
2. in desired quantities
3. at each possible price
4. in each market situation

Answer 1

Correct Answer - Option 3 : at each possible price

The correct answer is at each possible price

• Demand refers to consumers' desire to purchase goods and services at given prices.
• Demand can mean either market demand for a specific good or aggregate demand for the total of all goods in an economy.
• Demand, along with supply, determines the actual prices of goods and the volume of goods that changes hands in a market.
• Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
• Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.
• Market demand is the total quantity demanded across all consumers in a market for a given good.
• Aggregate demand is the total demand for all goods and services in an economy.