Question

In economics, the demand for a good refers to the amount of the good that people:

a. would like to have if the good were free.
b. will buy at various prices.
c. need to achieve a minimum standard of living.
d. will buy at alternative income levels.

Answer 1

b. will buy at various prices.

Step-by-step explanation:

In economics, demand refers to the quantity of a product that buyers are willing and able to buy at a specific price or different prices. For demand to exist, buyers must not only be willing to purchase but must have the financial resources to buy.

Several factors, such as price, customer preferences, and market news, may influence the demand for a product. As per the law of demand, an indirect relationship exists between price and quantity demanded. An increase in price leads to a decline in demand. Changes in prices and preferences or related goods also affect the demand for a product.