Question

Explain demand and supply
With an example from our daily life

Answer 1

Definition of demand Demand for a good is defined as the quantity of the good purchased at given price at given time. Example:i purchased 1 kg of rice at Rs.25per kg last week. Supply of a commodity is de quantity that a seller offers for sale at a given price at a given time.example:shaheem sold 120kg of milk at a price of Rs.25per litter during last week from his dairy farm.