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Question : Demand in economics means:

Option 1: aggregate demand

Option 2: market demand

Option 3: individual demand

Option 4: demand backed by purchasing power


Team Careers360 21st Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

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.

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