Answer to Question #203266 in Microeconomics for Kojo Kusi

Question

Demand

Answer 1

Demand in economics refers to a consumer's desire to buy goods and his willingness to meet the prices of specific goods and services.An increase in price of a commodity means the demand will decrease since the consumer's purchasing power will be low while a decrease in price of a commodity will see an increase in demand since the consumer's purchasing power is high when all factors are constant.