Demand in Economics

Demand refers to the willingness and ability of customers to pay a given price for a good or service. Quantity demanded is the amount of a good or service demanded at each price level. The law of demand states that there is an inverse relationship between the price of a product and the quantity demanded.

The law of demand states that there is an inverse relationship between the price of a product and the quantity demanded. The reasons for this relationship are: 1) As the price of a good or service falls, the customer is able to buy more products at lower prices. 2) As the price of a good or service falls, a higher number of customers are able to pay, so they are more likely to buy the product.

A demand schedule is a tabular presentation showing the different quantities of a good that buyers are willing to buy at different prices during a given period of time.

<p>Quantity demanded refers to the amount of a good or service demanded at each price level.</p> Signup and view all the answers

<p>A demand curve is a graphical representation of the relationship between the price of a product and the quantity demanded. It represents the quantity of a good that buyers are willing to buy at different prices.</p> Signup and view all the answers