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Individual demand tells us the minimum amount an individual is willing to pay for an extra...

Individual demand tells us the

minimum amount an individual is willing to pay for an extra unit of a good.
maximum quantity of a good an individual is willing to buy at any given price.
total benefit a consumer gets from a good, but only when the price is equal to zero.
marginal benefit is unrelated to willingness to pay.
maximum marginal utility an individual receives from consuming one more unit of a good.
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Answer #1

Individual demand is basically the relationship between the price of a good or service at which an individual/ consumer/ firm will be ready to buy the desired quantity of the product. As the price level of the goods and services decreases the demand for that product will increase. Here the consumer would like to increase the utility of the goods and services.

Therefore, we can conclude that, individual demand tells us the maximum quantity of a good an individual is willing to buy at any given price.

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