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InterviewSolution
| 1. |
meaning of demand |
| Answer» Demand may may be defined as desire of person to buy a product with sufficient purchasing power and willingness to pay<br>In economics demand refers to the quantity of a commodity that a consumer is willing and able to buy at a particular price during a given period of time<br>Demand is an economic term that refers to the amount of products or services that consumers wish to purchase at any given price level. The mere desire of a consumer for a product is not demand. Demand includes the purchasing power of the consumer to acquire a given product at a given period. In other words, it’s the amount of products or services that consumers are willing and able to purchase | |