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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What is wrong with the following statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific period.

To determine

Explain what is wrong in the given statement.

Explanation

The statement, “demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period” is wrong. The reason being that demand is the willingness and ability of a buyer to consume different quantity of goods at different price level during a specific time period. Ability of a consumer is also as important factor which determines the willingness to pay. If the consumer does not have the ability to purchase certain goods, he cannot demand those goods.

Concept

Demand: Demand refers to the willingness and the ability of a buyer to consume goods and services at a different price level in a given period of time.

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