When economists refer to "demand," they are speaking of: a) how much everyone wants of all products bought and sold in the nation. a schedule of amounts of a product that buyers would purchase at alternative prices in a given time period. b) a single price and quantity combination. c) a "desire" for a product rather than a "need" for the product regardless of the price. d) all of the above.

Question

Cesar Sanford

Business

15 April, 02:21

When economists refer to "demand," they are speaking of: a) how much everyone wants of all products bought and sold in the nation. a schedule of amounts of a product that buyers would purchase at alternative prices in a given time period. b) a single price and quantity combination. c) a "desire" for a product rather than a "need" for the product regardless of the price. d) all of the above.

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Answers (1)

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Gustavo Parsons · Answer 1

The correct answer is option a.

Explanation:

The word 'demand' in economics refers to a schedule of the quantity of a product that buyers would be willing to buy and able to afford at alternative prices in a given period of time.

The market demand is the sum of all the individual consumer demands. The demand and price are inversely related. So an increase in price will cause the demand to decrease and vice versa while other factors remain constant.