Unit 2, Demand And Supply

Question 1

Significance and Meaning of Demand

Answer 1

Quantity of goods and services that consumers are willing to buy at a given price at a given time

Question 2

Law of Demand

Answer 2

describes the general behaviour of consumers

Question 3

Demand schedule

Answer 3

• is a table that shows the quantity of a product demanded at different price levels at a given time