The meaning of demand (1) Demand refers to both the willingness and the ability of customers to pay a given price to buy a product or service. The amount of a product or service demanded at each price level is called the quantity demanded. (2) In general, the quantity demanded falls as price rises, while the quantity demanded rises at lower prices. Therefore, there is an inverse relationship between the price of a product or service and the demand. This rule is known as the law of demand. The word income in Paragraph (3) is closest in meaning to ………
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