In Economics, What Does the Demand for a Good Refer

question 43

Multiple Choice

In economics, what does the demand for a good refer to?

• A) The amount people would like to have if the good was free.
• B) The amount people need to achieve a minimum standard of living.
• C) The amount people will buy at alternative income levels.
• D) The amount people will buy at various prices.

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Definitions:

Accounting Transactions

Economic events that require recording in the financial statements because they affect the assets, liabilities, or equity of a company.

Accounting Records

Documentation and books that keep track of the financial transactions of a business or individual, forming the basis for its financial statements.

Asset

Resources controlled by a business from which future economic benefits are expected to flow to the business, including both physical items and intangible properties.