Demand is defined as:
A) the number of consumers in a market who have low debttoincome ratios.
B) the quantity of products that consumers are willing to buy at different market prices.
C) the amount of products produced in a highgrowth, governmentowned industry.
D) the annual quantity of products sold by retailers as a percentage of the Gross Domestic Product (GDP).

Question

Demand is defined as:
A) the number of consumers in a market who have low debt­to­income ratios.
B) the quantity of products that consumers are willing to buy at different market prices.
C) the amount of products produced in a high­growth, government­owned industry.
D) the annual quantity of products sold by retailers as a percentage of the Gross Domestic Product (GDP).

Quizplus · Accepted Answer

Demand refers to the willingness and ability of consumers to purchase a product at different prices. It is determined by various factors such as price, income, tastes, and preferences, among others. Therefore, option B is the most appropriate definition of demand. Options A, C, and D do not accurately describe the concept of demand.

Demand Is Defined As