define market demand briefly with an example???
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Answers
Answer:
Market demand refers to the demand of all consumers of a good or service at a given price, with other factors as money income, tastes, and preferences, prices of other goods constant. ... It can be graphically obtained by aggregating the individuals' consumer demand for a commodity.
Answer:
Definition: Market demand describes the demand for a given product and who wants to purchase it. This is determined by how willing consumers are to spend a certain price on a particular good or service. As market demand increases, so does price. When the demand decreases, price will go down as well.
The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price. ... If the amount bought changes a lot when the price does, then it's called elastic demand. An example of this is ice cream. You can easily get a different dessert if the price rises too high.