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Question
When we know the quantity of a product that buyers wish to purchase at each possible price, we know ________.
When we know the quantity of a product that buyers wish to purchase at each possible price, we know ________.
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Solution
The correct option is A demand
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.
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.
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