Which term best describes the demand by all the consumers of a given good or service?
A)Market demand
B)Quantity demanded
C)Law of demand
D)Scheduled demand

Question

Quizplus · Accepted Answer

Market demand refers to the total amount of a good or service that all consumers in a market are willing and able to purchase at a given price. It takes into account the demand of every individual consumer in the market. Therefore, market demand is the best term that describes the demand by all the consumers of a given good or service.

B) Quantity demanded refers to the specific amount of a good or service that an individual consumer is willing and able to purchase at a given price. It does not take into account the demand by all the consumers in the market, so it is not the best choice for this question.

C) The law of demand states that, all other things being equal, as the price of a good or service increases, the quantity demanded decreases. This is a principle that explains consumer behavior and how it affects demand, but it does not directly describe the demand by all consumers in a market.

D) Scheduled demand is not a commonly used term in economics and does not accurately describe the demand by all consumers in a market.

Which Term Best Describes the Demand by All the Consumers