Definition of Demand

Demand is a fundamental economic concept that refers to the amount of a particular good or service that consumers are willing and able to purchase at a given price and time.

Factors Affecting Demand

There are several factors that can affect the demand for a commodity, including:

- Price: As the price of a commodity increases, the demand for it typically decreases, and vice versa.
- Income: As consumers' income increases, they tend to purchase more goods and services, which can lead to an increase in demand.
- Availability of substitutes: If there are close substitutes for a particular product, consumers may switch to those substitutes if the price of the original product increases, leading to a decrease in demand.
- Consumer tastes and preferences: As consumer tastes and preferences change over time, the demand for different products can shift accordingly.

Measurement of Demand

The demand for a commodity is typically measured by the amount of the commodity that is demanded at a particular price and time. This is known as the quantity demanded.

The quantity demanded can be affected by various factors, including price, income, availability of substitutes, and consumer tastes and preferences.

As the price of a commodity increases, the quantity demanded typically decreases, and vice versa. This is known as the law of demand.

In order to determine the demand for a commodity at different price points, economists use a demand curve, which shows the relationship between the price of a commodity and the quantity demanded at that price.

Conclusion

In summary, the demand for a commodity refers to the amount of the commodity that consumers are willing and able to purchase at a given price and time. This is typically measured by the quantity demanded, which can be affected by various factors such as price, income, availability of substitutes, and consumer tastes and preferences.

Correct answer is d because demand is a quantity of the commodity that the consumer is welling and able to
buy at a given price during given period of time .