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a) Total market value of demand = £12.5 million
b) Market price of £12.50 c) 2,000 units per day at £1 each in the UK d) Potential demand for sales of10,000 units per year
c) 2,000 units per day at £1 each in the UK
Demand should refer to the volume that people are prepared to buy at a specified price within a specified area.
C is the answer. Demand is defined as the desire and willingness of the consumer to buy a product. From the definition which customer UK customers, How much they need (desire) to buy -2000 units per day and at what cost they will buy £1. It more clear than the other choices.
I am little confused now , will you please explain me in detail ? why answer C ( only ) is True ?
Which of the following statements is most correct in defining demand for a product?
c)2,000 units per day at £1 each in the UK
c) 2,000 units per day at £1 each in the UK
Agree with experts <<<<<<<<<<<<<<
Agreed with the Experts ...............
Option C) is correct because it clearly states the number of units ordererd per day, and this is the way we can calculate/define demand for a product on the accrual basis not on the Assumptions....
whereas the other options does not provide suitable data to clearly define demand as on the actual basis...
