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Demystifying Demand
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Demystifying Demand

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Questions and Answers

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?

  • Prices and willingness to pay
  • Desire only
  • Prices only
  • Desire and purchasing power (correct)

    • 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?

    <p>Desire, means to purchase, and willingness to pay</p> Signup and view all the answers

    What is considered in economic analysis and business decisions?

    <p>Effective demand</p> Signup and view all the answers

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