6 Questions
Which of the following best describes individual demand?
The demand for a commodity by a single consumer
What characterizes market demand of a commodity?
The total demand for a commodity in the entire market
In economics, what is meant by individual demand?
The demand for a commodity by a single consumer
Individual demand refers to the total demand for a commodity in the market.
False
Market demand is the sum of the individual demands of all consumers in the market.
True
Individual demand and market demand are identical concepts.
False
Test your knowledge on the difference between individual demand and market demand of a commodity in economics. This quiz explores the concepts and characteristics of individual demand and market demand.
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