Which of the following is not an element Of demand
Answers
Answer:
Demand must have the following elements: desire, want, quantity price and time. Demand refers to the desire to buy anything backed with sufficient purchasing power
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Answer:
the correct answer would be Willingness to buy.
Explanation:
Element Of demand:
Quantity, ability, willingness, costs, and time period are crucial components of demand. The primary factor influencing demand is own pricing. Demand increases as a commodity's own price decreases and demand decrease when its own price increases.
There are three main things necessary for demand -
(1) demand is the effective desire,
(2) demand is the quantity demanded at a certain price,
(3) demand is the quantity demanded on the basis of a given time.
demand in economics:
In economics, there must also be a quantity demanded at a certain price for demand. There is also the importance of a certain time in this. For example, you are ready to buy expensive coats during winter, but you will not want to buy the same coats in the summer season even if you have all the means available. That is, along with the specified quantity demanded, the specified time should also be mentioned. Only then can we define demand accurately. That is, the demand for a commodity is the quantity that can be bought at a certain price at a particular time.
Types of demand in economics:
- Joint demand.
- Composite demand.
- Short-run and long-run demand.
- Price demand.
- Income demand.
- Competitive demand.
- Direct and derived demand.
so Quantity, ability, willingness, costs, and time period are crucial components of demand.