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.

Answer 1

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.