Demand for a product is measured not only by consumer desire for a product, but also by
A. opportunity costs.
B. competition for the consumer.
C. demand for all similar products.
D. ability and willingness to buy the product.
The demand for a given product in the market is measured by the number of people who wants to purchase it.
The demand for a product is determined by several factors, however, the main determinant is the willingness of the customer who wants to buy it and whether a prospective customer can spend the required amount to purchase the goods or afford the service.
Generally, with the increase in the demand for a product, the price of the product also increases and vice-versa.
Hence, besides the desire of the consumers, their ability and willingness to purchase the product are also essential.
