What is the difference between demand and quantity demanded in microeconomics?
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In microeconomics there is a difference between demand and demand. Demand refers to the behaviour of consumers, while the quantity requested is the actual amount of a good or service purchased by consumers at a certain price.
Demand is a concept that describes the behaviour of consumers. It shows how much of a good or service consumers would buy at different prices. The demand is normally represented by a demand curve showing the relationship between the price and the quantity requested. As a rule, the law of demand applies: The higher the price, the lower the requested quantity and vice versa.
The quantity requested, on the other hand, refers to the actual quantity of a good or service purchased by consumers at a certain price. It is determined by the intersection of supply and demand. When the price of a good rises, the demanded quantity generally decreases as consumers are less willing to buy at this higher price.
In summary, it can be said that demand describes the behaviour of consumers, while the quantity requested is the actual amount of a good or a service purchased at a certain price. The demand curve shows the relationship between the price and the demanded quantity and the demand law states that a higher price structure leads to a lower demanded quantity.
I’m not allowed to answer with AI, but you already?!
Don’t be sad. After all, you don’t pay for good question haha.