[amp_mcq option1=”The desire, ability, and willingness of an individual to purchase goods and services at any given price per unit” option2=”The desire and willingness of the individual for all the goods and service for his standard of living” option3=”The ability of society to purchase all that is on the market at a given period” option4=”None of the above” correct=”option1″]<\/p>\n
The correct answer is: A. The desire, ability, and willingness of an individual to purchase goods and services at any given price per unit.<\/p>\n
The demand for a good or service is the amount of that good or service that consumers are willing and able to purchase at various prices during a given period of time. The law of demand states that, all other things being equal, the quantity demanded of a good or service will decrease as the price of that good or service increases.<\/p>\n
The three elements of demand are quantity, price, and time. The quantity demanded is the amount of a good or service that consumers are willing and able to purchase at a given price. The price is the amount of money that consumers must pay for a good or service. The time period refers to the length of time over which the demand is being considered.<\/p>\n
Option B is incorrect because it does not include the element of price. Option C is incorrect because it does not include the element of time. Option D is incorrect because it is not one of the elements of demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”The desire, ability, and willingness of an individual to purchase goods and services at any given price per unit” option2=”The desire and willingness of the individual for all the goods and service for his standard of living” option3=”The ability of society to purchase all that is on the market at a given period” option4=”None … <\/p>\n