Demand is defined as
A) a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant.
B) a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant.
C) a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant.
D) a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant.

Question

Quizplus · Accepted Answer

Demand is the schedule, or relationship, between the price of a good or service and the quantity of that good or service that consumers are willing and able to buy during a particular time period, while holding other factors constant. Therefore, option A best defines the concept of demand. Option B is incorrect because demand refers to a schedule or relationship rather than a specific quantity. Option C is incorrect because demand relates to a specific good or service, not to a different item. Option D is incorrect because demand does not pertain to a specific quantity of a good or service at a specific price of another item.

Demand Is Defined as