Demand is a schedule of
A) how much of a good a person wants.
B) how much of a good people will purchase at each different possible price.
C) how much of a good people will purchase at each income level.
D) each possible price and the amount people will buy when their incomes change.

Question

Quizplus · Accepted Answer

Demand refers to the quantity of a good or service that consumers are willing to buy at different prices. This means that demand is a schedule of how much people will purchase at each different possible price. Therefore, option B is the correct answer. Option A refers to individual preferences or wants, which may or may not translate into actual purchases. Options C and D focus on the relationship between purchases and income, which are related but not the same as demand itself.

Demand Is a Schedule of