Definition of Quantity demanded:
The price of a good or service in a marketplace determines the quantity that consumers demand. Assuming that non-price factors are removed from the equation, a higher price results in a lower quantity demanded and a lower price results in higher quantity demanded. Thus, the price of a product and the quantity demanded for that product have an inverse relationship, as stated in the law of demand.
This is how much consumers want to receive whenever the demand is great.
Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time. It depends on the price of a good or service in a marketplace, regardless of whether that market is in equilibrium. The relationship between the quantity demanded and the price is known as the demand curve, or simply the demand. The degree to which the quantity demanded changes with respect to price is called the elasticity of demand.
How to use Quantity demanded in a sentence?
- Quantity demanded depends on the price of a good or service in a marketplace.
- The price of a product and the quantity demand for that product have an inverse relationship, according to the law of demand.
- In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given period of time.
Meaning of Quantity demanded & Quantity demanded Definition