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Questions
Define the term demand.
What is demand?
Explain the term 'demand'.
Define demand.
Solution 1
The willingness of a consumer to buy a commodity at a given price and at a given time. Demand also has its reference to a period of time eg. per day, per week, per month etc. Thus, the term 'demand' is made to show the relationship between the price of a commodity and the quantity of the commodity, which a consumer wants to purchase at a specific price, time and place.
Solution 2
Demand for any commodity refers to the quantities of that commodity which consumers are willing and able to purchase at the different prices during a given period of time.
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