Question:
The quantity demanded of a good is
(1) the amount of a good that consumers plan to purchase at a particular price.
(2) independent of the price of the good and the level of income of the consumer.
(3) independent of consumers’ buying plans.
(4) always equal to the equilibrium quantity.
(5) the amounts that the consumers are willing to buy at different prices.
Correct Answer:
(1)
Answer Explanation:
The quantity demanded represents a specific, single point on a demand curve. It defines the exact amount of a good or service that consumers are willing, able, and planning to purchase at one specific price level during a given time period.
Topic: Demand Theory Year: 2020
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