Question

Demand for a product is measured not only by consumer desire for a product, but also by

A. opportunity costs.
B. competition for the consumer.
C. demand for all similar products.
D. ability and willingness to buy the product.

Answer 1

My guess would be

D) ability and willingness to buy the product

Answer 2

ability and willingness to buy the product

Step-by-step explanation:

• The demand for a given product in the market is measured by the number of people who wants to purchase it.
• The demand for a product is determined by several factors, however, the main determinant is the willingness of the customer who wants to buy it and whether a prospective customer can spend the required amount to purchase the goods or afford the service.
• Generally, with the increase in the demand for a product, the price of the product also increases and vice-versa.
• Hence, besides the desire of the consumers, their ability and willingness to purchase the product are also essential.