Question

What refers to the quantity of goods and services that consumers are willing to buy at a given price? ______ refers to the quantity of goods and services that consumers are willing to buy at a given price.

Answer 1

Supply refers to the quantity of goods and services that consumers are willing to buy at a given price.

Answer 2

Demand refers to any quantity of goods and services that consumers are willing to buy at a given price.

• There are customers and sellers in a market and the customers demand the services and products sold by the sellers.

• These are the goods that constitute the wants or needs of the customer.
• So, the customer willingly pays a specified price for those goods or services.
• This demand for goods and their price varies inversely with one another.