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:

Capital

Refers to financial resources, machinery, and buildings used for producing goods and services.

Trade-Offs

Decisions made that involve choosing between benefits and drawbacks of different options, reflecting the concept of opportunity cost.

Resources

are assets, materials, or substances that are valuable for their utility in producing goods, providing services, or supporting life.

Esther Duflo

A French-American economist known for her research in development economics and for being the youngest person and the second woman to receive the Nobel Prize in Economic Sciences.