Answer:
Economists describe the amount of good as the
quantity demanded (demand) or quantity supplied (supply).
Step-by-step explanation:
It is the quantity demanded and quantity supplied that interact to determine the price at which the good will be sold. When these two are equal, there is an equilibrium. The point is known as the equilibrium point and the price, the equilibrium price. When one is greater than the other, the price of the good may fall or increase, as the case may be. The quantity demanded determines whether the demand can be classified as elastic, inelastic, or unitary elastic.