What is market demand?
Understand the Problem
The question is asking for a definition and understanding of the concept of market demand, which typically refers to the total quantity of a good or service that all consumers are willing and able to purchase at different prices during a specific time period.
Answer
Market demand is the total quantity of a product or service that consumers are willing and able to buy at a given price in a specific market.
Market demand refers to the total quantity of a product or service that consumers are willing and able to purchase at a given price within a specific market.
Answer for screen readers
Market demand refers to the total quantity of a product or service that consumers are willing and able to purchase at a given price within a specific market.
More Information
Market demand helps businesses understand how much of a product will be sold at varying price levels and helps in forecasting sales and making pricing decisions.
Sources
- What is market demand? - Shopify blog - shopify.com
- Market Demand: Definition, Strategies, & How to Calculate - QuestionPro - questionpro.com
- Market Demand: Definition, Types, Function, Curve & Example - Vaia - vaia.com
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