Understanding Demand

• The quantity of a good or service that consumers are willing and able to buy at a given price (correct)
• The price at which a good or service is sold in the market
• The amount of money consumers have 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

• Government regulations
• Producer costs and technology
• Market competition
• Consumer income and preferences (correct)

• A decrease in price generally leads to an increase in demand, and vice versa (correct)
• Price has no impact on demand
• A decrease in price generally leads to a decrease in demand, and vice versa
• A decrease in price leads to an increase in demand, but an increase in price has no impact on demand