QUESTION IMAGE
Question
multiple-choice question
what are the two components of demand?
willingness to purchase and ability to pay
wanting something and getting it
rewatch
submit
Brief Explanations
In economics, demand is defined as a consumer's desire for a good or service combined with the financial means to acquire it. The first option aligns with this formal definition, while the second option is an informal, inaccurate description that does not reflect the economic concept of demand.
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Willingness to purchase and ability to pay