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