Main Answer:
Economists use the term "quantity demanded" to refer to the relationship between a range of prices and the corresponding quantities demanded at those prices. D. the relationship between a range of prices and the quantities demanded at those prices.
Therefore, the correct answer is d).
Step-by-step explanation:
This concept encapsulates the variations in consumer demand at different price points along the demand curve. Unlike option A, which pertains to the amount supplied, and option C, which narrowly focuses on a specific point on the demand curve, option D comprehensively captures the dynamic nature of how consumers respond to changes in prices across a spectrum.
Understanding quantity demanded is essential in analyzing market behavior and making informed economic decisions. It acknowledges that consumer preferences and purchasing decisions are influenced by price fluctuations. Economists utilize this concept to assess market equilibrium, predict consumer behavior, and formulate strategies for pricing and production. By recognizing the broader context of the relationship between prices and quantities demanded, economists gain valuable insights into market dynamics and contribute to effective economic policy-making.
In conclusion, when economists discuss quantity demanded, they are referring to the nuanced interplay between a range of prices and the corresponding quantities consumers are willing to purchase. This comprehensive perspective enables a more accurate analysis of market forces and aids in the formulation of informed economic strategies.
Therefore, the correct answer is d).