Question

Quantity demanded is the quantity

A. government demands to be produced
B. customers will purchase at a specific point in time
C. people will purchase at a specific price
D. producers will sell at a specific price

Answer 1

The quantity demanded is the amount of a product people are willing to buy at a specific price, showcasing an inverse relationship between price and quantity demanded according to the law of demand.

Step-by-step explanation:

The term quantity demanded refers to the total number of units that consumers are willing to purchase at a particular price. When we discuss quantity demanded, we are examining a specific point on the demand curve, which is a graphical representation of the law of demand. According to this law, there is an inverse relationship between price and quantity demanded; as the price of a good or service increases, the quantity demanded tends to decrease, and vice versa, assuming all other factors remain constant.

For example, if the price of a gallon of gasoline rises, individuals might find alternative transportation methods such as carpooling or using mass transit, or they might consolidate trips to save on fuel. This behavior aligns with the concept that a higher price results in a lower quantity demanded. Thus, the correct answer to the question, 'Quantity demanded is the quantity...' is C. People will purchase at a specific price.