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The quantity demanded of a commodity is best described as which of the following?
AA flow expressed per unit of time at a given price
BA single isolated stock held by the seller
CA fixed lifetime total independent of price
DA value set only by the government regulator
Answer & Solution
Correct answer: A. A flow expressed per unit of time at a given price
1. Quantity demanded is always expressed at a given price.
2. It is a flow, not a single isolated purchase, so it is stated as 'so much per period of time'.
3. For example, one thousand dozens of oranges per day.
4. The option capturing both 'flow' and 'per unit of time at a given price' is correct.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 2 Unit I "Law of Demand and Elasticity of Demand", p.2_
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