Question

Define the term demand?

• A. It is just a desire
• B. It is not merely a desire
• C. Effective demand
• D. The desire to purchase and ability to pay for a good

Answer 1

Answer: (D)

The desire to purchase and ability to pay for a good

Demand is an economic principle that describes a consumer's desire 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 demand, and vice versa.