Answer to Question #119925 in Microeconomics for ABC

Question

DEMAND DEFINITION BY BENHAM - “The demand for anything, at a given price, is the amount of it, which will be bought per unit of time at that price.”

PLEASE explain this definition and its meaning.

Answer 1

“The demand for anything, at a given price, is the amount of it, which will be bought per unit of time at that price.”

According to Prof. Benham, he described the demand as the quantity of commodities purchased at its current price within a specified duration, that is units of time such as, the quantity bought per day, per week, per month or year. Demand trends for a particular commodity were to be determined at a particular price per unit time. For example, buyers purchasing 1000 Toyota Primo cars within a year at $20000. Apart from, market place, quality, and price of the commodity , Prof. Brenham pointed out that point of time influences the amount demanded by any product.