Explain the following
1) demand
2) Quantity of demand
Answers
Answer:
Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.
Quantity demanded is the quantity of a commodity that people are willing to buy at a particular price at a particular point of time. ... When all the prices, along with quantity demanded, are drawn on a graph, the demand curve is formed.
hope it help u
mark me Branilest
Answer:
Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.
Quantity demanded refers to the aggregate value of the goods or services demanded by consumers in a stated period of time. The quantity demanded depends on the price of goods or services in the market.