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Quantity demanded in economics refers to the amount of a specific commodity or service that consumers are willing and able to buy at a given price and within a specified time frame. Price, consumer income, consumer tastes, the availability of substitutes, and the cost of related commodities are only a few of the variables that have an impact on the quantity required.
The quantity demanded is most strongly influenced by price, and there is an inverse relationship between the two. The quantity demanded falls when a commodity or service's price rises and vice versa. This relationship is known as the law of demand. Several factors may influence the demand curve in addition to price, changing the quantity demanded at any given price level.
It is important to note that quantity demanded is not the same as demand, which refers to the entire range of prices and corresponding quantities of a good or service that consumers are willing and able to purchase. A demand curve, which displays the quantity demanded at various price levels, ceteris paribus, illustrates the link between price and quantity demanded graphically.
It is important to note that quantity demanded is not the same as demand, which refers to the entire range of prices and corresponding quantities of a good or service that consumers are willing and able to purchase. A demand curve, which displays the quantity demanded at various price levels, ceteris paribus, illustrates the link between price and quantity demanded graphically.
