How do people’s ability to pay and willingness to buy affect demand?
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It all depends on how much is demanded. If a product is good, then it's more than likely that people will continue to pay for it, therefore making the demand go up. But, if a product isn't too good, then less people will want to buy it, making the demand go down.
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In effect, real demand is when the readiness to satisfy a want is backed up by the individual's ability and willingness to pay. ... When supply equals demand, prices are said to be in a state of equilibrium. When demand is higher than supply, prices increase to reflect scarcity.
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