alleryStart learning →What is demand?
AThe quantity of a good businesses will make available at various prices
BThe quantity of a good that a nation produces within a single year
CThe price at which a good is finally sold in a competitive market
DThe quantity of a good people are willing to buy at various prices
Answer & Solution
Correct answer: D. The quantity of a good people are willing to buy at various prices
1. Demand is the quantity of a good or service that people are willing to buy at various prices.
2. It is a schedule of quantities against prices, not a single quantity.
3. The quantity that businesses will make available at various prices is supply, the other side of the market.
4. National output for a year is gross domestic product, and the selling price is what demand and supply together settle.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 1 "Understanding Economic Systems and Business", section 1.6 Microeconomics: Zeroing in on Businesses and Consumers_
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