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Question
Which of the following statement is not true?
Options
Want is an effective desire
Demand is different from want
Demand is always at a price
In economics, the terms - 'desire' 'want' and 'demand' have the same meanings.
Solution
In economics, the terms - 'desire' 'want' and 'demand' have the same meanings.
Explanation:
In economics, the terms 'desire,' 'want,' and 'demand' do not have the same meanings:
- Desire is simply the wish to have something.
- Want is a step beyond desire, where a person wishes to have something and has the willingness to obtain it.
- Demand is a want backed by the ability and willingness to pay for a commodity at a given price.
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