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Demand, Individual Demand and Market Demand Video Lecture - SSC CGL Tier
FAQs on Demand, Individual Demand and Market Demand
| 1. What is demand? |  |
Ans. Demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price and within a specific time period. It represents the desire and affordability of customers to buy a product or service.
| 2. What is individual demand? | |
Ans. Individual demand refers to the quantity of a good or service that an individual consumer is willing and able to purchase at different price levels. It is influenced by factors such as personal preferences, income, price of the product, and the individual's perception of its value.
| 3. What is market demand? | |
Ans. Market demand is the total quantity of a good or service that all consumers in a particular market are willing and able to purchase at a given price and within a specific time period. It is derived from the aggregation of individual demands within the market and is influenced by factors like population, income levels, and consumer preferences.
| 4. How is individual demand different from market demand? | |
Ans. Individual demand refers to the quantity of a good or service that an individual consumer is willing and able to purchase, whereas market demand represents the total quantity demanded by all consumers in a particular market. Individual demand is specific to a single consumer, while market demand considers the combined preferences and purchasing power of all consumers in the market.
| 5. What factors affect demand? | |
Ans. Several factors influence demand, including price, income, consumer preferences, availability of substitutes, and advertising and marketing efforts. Changes in any of these factors can cause shifts in demand, leading to either an increase or decrease in the quantity of a product or service demanded by consumers.
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Apr 18, 2026 Last updated
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