Question : Demand in economics means:
Option 1: aggregate demand
Option 2: market demand
Option 3: individual demand
Option 4: demand backed by purchasing power
Correct Answer: demand backed by purchasing power
Solution : The correct answer is demand backed by purchasing power .
In economics, "demand" refers to the amount of an item or service that customers are willing and able to buy at various prices at any particular moment. It represents customers' willingness to purchase a thing with their capacity to afford it. The connection between price and quantity required is usually inverse, which means that as prices rise, demand falls and vice versa, as depicted by the demand curve.
Related Questions
Know More about
Staff Selection Commission Multi Tasking ...
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Get Updates Brochure
Your Staff Selection Commission Multi Tasking Staff Exam brochure has been successfully mailed to your registered email id “”.
