When Consumers Share a Strong Need That Cannot Be Satisfied

question 11

Multiple Choice

When consumers share a strong need that cannot be satisfied by an existing product, it is called ________.

• A) negative demand
• B) latent demand
• C) declining demand
• D) irregular demand
• E) nonexistent demand

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Definitions:

Price

The amount of money required to purchase a good or service, acting as a signal to both buyers and sellers in the market.

Quantity

The amount or number of a material or immaterial good that is measured or counted.

Market Price

The price at which goods and services are currently being sold in the market, influenced by supply and demand.

Equilibrium Price

The price point in the market at which the amount of goods being offered is equal to the amount of goods being sought.