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

Question

Quizplus · Accepted Answer

Quantity demanded refers to the amount of a good or service that buyers are willing and able to purchase at a specific price. It reflects how changes in price impact the quantity of a good that consumers desire to purchase.

Economists Use the Term Quantity Demanded to Summarize