In microeconomics, demand is best described as:

• A. The desire for a good or service regardless of consumers' ability to pay
• B. A schedule or curve showing the quantities of a good or service that consumers are willing and able to buy at various prices over a given time period, holding other factors constant
• C. The market price at which quantity demanded equals quantity supplied
• D. The quantity of a good or service that producers are willing and able to sell at various prices

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the concept of demand in microeconomics. Demand refers not just to the desire for a good or service, but also includes the consumer's ability and willingness to pay for it.
2. Step 2: Recognize that demand is typically represented as a schedule or curve. This curve shows the relationship between the price of a good or service and the quantity consumers are willing and able to purchase at those prices.
3. Step 3: Note that demand is measured over a specific time period and assumes other factors (like income, tastes, prices of related goods) are held constant, which is known as the ceteris paribus condition.
4. Step 4: Differentiate demand from related concepts such as quantity demanded (a specific point on the demand curve), supply (which relates to producers), and market equilibrium (where quantity demanded equals quantity supplied).
5. Step 5: Conclude that the best description of demand is a schedule or curve showing quantities consumers are willing and able to buy at various prices over a given time period, holding other factors constant.