Demand Types Quiz

Individual demand for a commodity refers to the quantity of the commodity that an individual is willing to buy at a specific price during a given time period, considering factors such as income, taste, preferences, and the prices of other commodities (substitutes and complements). The factors influencing individual demand include income, price of the commodity, prices of related goods, consumer preferences, and future expectations.

Market demand for a commodity refers to the total quantity that all consumers are willing to buy at a given price over a specific time period, taking into account their income, preferences, and the prices of other commodities (especially substitutes). Factors influencing market demand include changes in consumer income, changes in the prices of related goods, changes in consumer preferences, and changes in population.

Demand for a firm's product refers to the quantity of the firm's produce that can be sold at a given price over a certain time period. Market demand for an industry's product, on the other hand, represents the aggregate demand for the product of all the firms within that industry.

<p>Autonomous demand for a commodity is the demand that arises independently of the demand for any other goods or factors. It is not influenced by external factors and represents the inherent demand for a specific commodity.</p> Signup and view all the answers

<p>Derived demand refers to the demand for a good or service that is derived from the demand for another good or service. It is dependent on the demand for other products or factors. In contrast, autonomous demand is independent and not influenced by the demand for other goods or factors.</p> Signup and view all the answers