Asked by
Nestor Gonzalez
on Oct 09, 2024
Verified
Economists use the term "demand" to refer to:
A) a particular price-quantity combination on a stable demand curve.
B) the total amount spent on a particular commodity over a fixed time period.
C) an upsloping line on a graph that relates consumer purchases and product price.
D) a schedule of various combinations of market prices and amounts/quantities demanded.
Demand
The desire to own something and the ability to pay for it, represented by how much of a good or service consumers are willing to buy at different prices.
Schedule
A plan that outlines specific times at which certain tasks, events, or operations are to occur.
Market Prices
The current value at which goods or services can be bought or sold in an open market.
- Familiarize oneself with the notion of the demand curve and the variables that affect demand.
Verified Answer
AA
Learning Objectives
- Familiarize oneself with the notion of the demand curve and the variables that affect demand.