Economics of Demand

• The quantity of a good or service that consumers are willing and able to buy at a given price (correct)
• The total amount of money consumers are willing to spend on goods and services
• The quantity of a good or service that producers are willing and able to sell at a given price
• The total amount of money producers are willing to invest in producing goods and services

• Changes in consumer income
• Changes in the prices of related goods
• Changes in consumer tastes and preferences
• All of the above (correct)

• As the price of a good increases, the quantity demanded also increases
• As the price of a good increases, the quantity demanded decreases (correct)
• As the price of a good decreases, the quantity demanded also decreases
• As the price of a good decreases, the quantity demanded increases