Economists use the term demand to summarize
A) how changes in price affect consumers' purchasing power.
B) how the concept of scarcity applies to the world.
C) the influence of factors other than price on the quantity we want to buy.
D) the behaviour of irrational consumers interacting with government in the marketplace.
E) the activities of profit-oriented businesses.

Question

Quizplus · Accepted Answer

Demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price. It takes into account factors other than price, such as consumers' incomes, tastes, and preferences, as well as the availability of substitutes and complements. Therefore, option C accurately describes what economists mean by demand.

Economists Use the Term Demand to Summarize