Question

What two conditions must buyers meet in order for there to be demand for a good or service?

Answer 1

Answer: The correct answer is : Have the willingness to buy and be able to buy

Explanation: Demand is defined as the desire, ability and willingness to buy a product. The quantity demanded for a good or service depends on the price. The change in the quantity demanded shows a change in the quantity of a product purchased when there is a change in the price.

Answer 2

In order to be demand for a good or service, buyers must:
1. have need (utility)
2. have money (purchasing power)

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