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Questions and Answers
Which of the following best describes individual demand?
Which of the following best describes individual demand?
- The demand for a commodity by a group of consumers
- The demand for a commodity by a specific industry
- The total demand for a commodity in the entire market
- The demand for a commodity by a single consumer (correct)
What characterizes market demand of a commodity?
What characterizes market demand of a commodity?
- The demand for a commodity by a specific industry
- The demand for a commodity by a single consumer
- The total demand for a commodity in the entire market (correct)
- The demand for a commodity by a group of consumers
In economics, what is meant by individual demand?
In economics, what is meant by individual demand?
- The total demand for a commodity in the entire market
- The demand for a commodity by a single consumer (correct)
- The demand for a commodity by a specific industry
- The demand for a commodity by a group of consumers
Individual demand refers to the total demand for a commodity in the market.
Individual demand refers to the total demand for a commodity in the market.
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Market demand is the sum of the individual demands of all consumers in the market.
Market demand is the sum of the individual demands of all consumers in the market.
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Individual demand and market demand are identical concepts.
Individual demand and market demand are identical concepts.
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