Question

Quantity demanded is the quantity

A) Customers will purchase at a specific point in time.
B) Producers will sell at a specific price.
C) People able and willing to purchase at a specific price.
D) Government demands to be produced.

Answer 1

Quantity demanded is the total number of units of a good or service that consumers are willing to purchase at a specific price, which is inversely related to price changes according to the law of demand.

Step-by-step explanation:

Quantity demanded refers to the total number of units that consumers are willing and able to purchase at a given price. This is not to be confused with how much is actually bought, which can differ due to various constraints, but rather the amount that would be bought if all possible purchases were made. The relationship between price and the quantity demanded is captured by the law of demand, which states that there is an inverse relationship between the two; as the price of a good or service increases, the quantity demanded tends to decrease, and vice versa. This is because consumers typically seek to maximize their utility within their budget constraints, and as prices rise, they may substitute the good or service for cheaper alternatives or reduce consumption overall.