Consumer demand is defined as?

Economics Dec 17, 2020

Expert Solution

Consumer demand is defined as a measure of how willing the consumer is to buy a product. This can either be the willingness of an individual to buy a product, or the willingness of consumers averaged out as a group. If consumer demand is high, it means there is a strong desire for this product, and typically this means prices can be raised. If demand is low, there is not much desire for the product. Low demand typically causes prices to go down.

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