_____ refers to the goods and services people are willing and able to buy during a certain period of time, at various prices, ceteris paribus.

Question

Quizplus · Accepted Answer

The definition given in the question is referring to demand. Demand is the quantity of a good or service that consumers are willing and able to buy at a given price and time, assuming all other factors remain constant. Supply refers to the amount of a good or service that producers are willing and able to offer for sale at a given price and time, assuming all other factors remain constant. Price and quantity demanded are both important concepts in understanding the law of demand, but they are not the best choices to directly answer the question as they do not capture the full definition of what is being described.

_____ Refers to the Goods and Services People Are Willing