Question

Any statement above demand for a good is considered complete only when the following is/are mentioned in it. ( choose the correct alternative)

a) Price of the good

b) Quantity of good

c) Period of time

d) All of the above

Answer 1

All of the above

Demand is the quantity which a consumer is willing and able to purchase at each possible price during a given period of time. So, the demand for a good is considered correct with four essential items i.e. the quantity of the commodity, willingness to purchase, the price of the commodity and period of time.