Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a particular price, during a given period.
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Law of Demand: States that there is an inverse relationship between price and quantity demanded - as price increases, quantity demanded decreases, and vice versa.
Income Effect: How changes in income impact consumer purchasing power and subsequently affect their demand for goods and services.
Substitutes and Complements: Substitutes are goods that can be used in place of each other (e.g., Coke vs. Pepsi), while complements are goods consumed together (e.g., hot dogs and buns).