-What Does the Term "Demand" Refer To

question 38

Multiple Choice

-What does the term "demand" refer to?

• A)The amounts that consumers are either willing or able to purchase at various prices.
• B)The amounts that consumers are both willing and able to purchase at various prices.
• C)The quantity purchased at the equilibrium price.
• D)The price consumers are willing to pay for a certain quantity of a product.

---

Definitions:

Tax

A mandatory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund various public expenditures.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus what they actually pay.

Deadweight Loss

An economic inefficiency arising when the balance for a product or service fails to be attained or is unattainable.

Tax

A necessary financial assessment or some other type of taxation levied upon a taxpayer by a government entity, intended to fund the expenditure of government and various allotments for public services.