Question

1. Define the quantity demanded of a good or service.

2. What does the demand curve tell us about the price that consumers are willing to pay?

3. What is the equilibrium price of a good or service?

Answer 1

Q- 1 => ANSWER ::

=> Quantity Demanded Of Goods And Services ::

It Is The Demand For Quantity That Consumer Are Willing to Pay at Particular Price And In Particular Time. If Consumer Want To Purchase Some Goods and Service In Some Quantity They Demanded It In Market and Seller Supplied Them.Quantity Of Demand depends On The Price In Market And The Price Determine By The Demand and Supply In The Market. If Price Of Goods And Services Increase It Decreases The Quantity Demanded of The Goods And Services And If Price Decrease It Increase The Demand So Price And Demand Have Inverse Relationship.

Q-2 :: ANSWER ::

=>Demand Curve And Consumer Willing To Pay :

Demand Curve Shows Maximum Price For Good And Service That Consumer Willing to Pay For That Goods And Service For Particular Amount Of Quantity. As Demand Increase It Also Increase The Price So When Price increase More Consumer are Leave Market Because They Are Not Willing To Pay The Higher Price. If Buyes Willing To Pay Is Higher They Purchased goods At Higher Price Because They Believe That Higher Price Means Higher Quality Of Goods and Services

Q-3 :: ANSWER ::

=> Equilibrium Price ::

Equilibrium Price is Ideal Price in The Market. When Quantity Demanded Is Equal To Quantity Supplied At That Price Which Price is Determined Is Called Equilibrium Price For Goods And Services.It Is The Point Where Demand And Supply Curve Intersect With Each other. There Are No Surplus Or shortage Have In At The Point Of Equilibrium Price Because Demand And Quantity Are Equal In That Market.