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Questions and Answers
Which of the following best defines demand in Economics?
Which of the following best defines demand in Economics?
- The desire to purchase a good or service
- The willingness to use means to purchase a good or service
- The ability to pay for a good or service
- The quantity of a good or service that buyers are willing and able to purchase at various prices (correct)
What factors determine demand for a good or service?
What factors determine demand for a good or service?
- Prices and willingness to pay
- Desire only
- Prices only
- Desire and purchasing power (correct)
What is necessary for desire to constitute demand?
What is necessary for desire to constitute demand?
- Real-world constraints
- Purchasing power and willingness to pay (correct)
- Prices
- Limited means to pay
What does effective demand depend on?
What does effective demand depend on?
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What is considered in economic analysis and business decisions?
What is considered in economic analysis and business decisions?
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