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

Question

Business

Susan Ali

6 January, 01:59

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

+1

Answers (1)

Know the Answer?

Eden Montgomery · Answer 1

Demand

Explanation:

Demand is an economic term that describes the quantity of goods and services that consumers are willing and able to purchase at a specific price over time. Demand is based on the customer's desires to satisfy a particular need or want. For there to be demand, the customer must afford to pay for the product or service.

The law of demand defines the relationship between price and quantities ordered. The law states that the demand for a good or service is inversely proportional to its price. It means that if the price of goods or service increase, its demand will decrease.