4 Questions
What does demand represent in economics?
The quantity of a product or service that consumers are willing to buy at a given price
What can influence the demand for a product?
Changes in consumer preferences
What can cause shifts in the demand curve?
Changes in consumer income
How does demand respond to changes in price?
It follows the law of demand, where an increase in price leads to a decrease in quantity demanded
Study Notes
Demand is a basic economic factor that represents the quantity of a product or service that consumers are willing to buy at a given price. The demand for a product can be influenced by a range of factors, which can cause shifts in the demand curve. In this article, the topic of demand will
Test your knowledge on the factors that influence the demand for products and services in economics. Understand how various elements can cause shifts in the demand curve.
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