Question 2
Theory of DemandDemand for a commodity by a consumer is the quantity of that commodity that the consumer
- A.demands at a given price at a point in time
- B.demands at a given price
- C.actually digests
- D.produces, given its price
- E.can store away during bad weather.
Show the answer and explanation
Answer: A (demands at a given price at a point in time)
Explanation
Demand is the quantity a consumer is willing and able to buy at a given price over a given time.