Define demand ?

Question

Define demand ?

Accepted Answer

Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price and time.

Demand is influenced by factors such as price, consumer preferences, income levels, and availability of substitutes.
It is typically represented by a demand curve, which shows the relationship between price and quantity demanded.
Demand can be elastic, meaning that changes in price have a significant impact on quantity demanded, or inelastic, meaning that changes in price have little effect on quantity demanded.
For example, if the price of a luxury car increases, the demand for that car may decrease as consumers opt for more affordable alternatives.
Understanding demand is crucial for businesses to make informed decisions about pricing, production, and marketing strategies.

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