Question

Demand"" is a series of prices and the related quantities that consumers are willing and able to buy at a particular _____________.

Answer 1

Answer:

given price in a given time period

Explanation:

Demand is the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period. Each of us has an individual demand for particular goods and services and our demand at each price reflects the value that we place on a product, linked usually to the enjoyment or usefulness that we expect from consuming it. Law of demand  states that If the price of something goes up, people are going to buy less of it.The higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.  Demand is based on needs and wants a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing. Demand is also based on ability to pay. If you cannot pay, you have no effective demand. What a buyer pays for a unit of the specific good or service is called price. The total number of units purchased at that price is called the quantity demanded. An increase in the price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a decrease in price will increase the quantity demanded.