Answer to Question #230095 in Macroeconomics for Ross

Question

Define demand and list the factors affecting quantity demanded

Answer 1

Demand is the quantity of a good that consumers are willing and able to buy at various prices during a particular period of time is known as demand.

I) Price of the Given Commodity: It is the most important factor affecting demand for the given commodity.

ii) Price of Related Goods.

iii) Income of the Consumer.