In economics, the meaning of demand refers to
A) how badly someone wants a good.
B) the quantities of a good that people will buy at various prices.
C) the quantities of a good that people will sell at various prices.
D) the total satisfaction that consuming a good provides people at different prices.

Question

Quizplus · Accepted Answer

Demand in economics refers to the quantities of a good that people are willing and able to buy at various prices. It is determined by factors such as price, income, and preferences. It is different from wants, which refers to the desires and aspirations of people, regardless of their ability and willingness to pay for them.

In Economics, the Meaning of Demand Refers to