Practice Quiz

Praxis II Early Education Content Knowledge

Category - Social Studies

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Which of the following best defines the termdemand in terms of economics?
  1. Many consumers buying a standardized product from numerous small businesses
  2. The quantity of a product that buyers are willing to purchase at various prices
  3. The quantity of a product that sellers are willing to sell at various prices
  4. The price at which buyers are willing to buy the same amount that sellers are willing to sell
Explanation
Answer: B - Demand is the quantity of a product that buyers are willing to purchase at various prices. The demand, or quantity, depends on its price. If the price is too high, people generally will buy less of the product.
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