What is wrong with the following statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific period.

What is wrong with the following statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific period.

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July 22, 2021
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What is wrong with the following statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific period.

Answer and ExplanationSolution by a verified expert

Explanation
Demand is a consumer's willingness, need, desire, ability to pay for a good or service at a given price, and at a particular point of time. Demand is the composition of four components, that is, need, ability, willingness, and desire. However, the provided statement states only about the consumer's willingness. It does not include the ability of the consumer and without ability; the definition for the demand cannot be fulfilled. So the absence of the word "ability" is the problem in this statement.

Verified Answer
Demand for a good also takes into account the ability to purchase of the consumers along with their willingness to purchase the good.

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