Economics Quiz

Demand in economics refers to the quantity of a good or service that a consumer is willing and able to purchase at different price levels during a given time period. It is the desire of a consumer to purchase a commodity, provided they are willing to spend and have sufficient purchasing power. Desire, on the other hand, is just a wish to purchase a commodity even though the consumer is unable to buy it.

Individual demand refers to the quantity of a commodity a consumer is willing and able to purchase at every possible price during a specific time period. It represents the demand of a single consumer.

The determinants of individual demand include factors such as the price of the given commodity, consumer's income, prices of related goods, consumer preferences, and future expectations. These factors can increase or decrease the demand for a commodity.

<p>Individual demand represents the quantity of a commodity a single consumer is willing and able to purchase at different price levels, while market demand represents the total quantity of a commodity that all consumers in the market are willing and able to purchase at different price levels.</p> Signup and view all the answers

<p>The price of a given commodity is the most vital factor that affects the demand for that commodity. Generally, when the price of a commodity decreases, the quantity demanded increases, and vice versa.</p> Signup and view all the answers