Which of the following specifically refers to demand?

• A. The entire relationship between price and quantity demanded, represented by a curve or schedule
• B. The supply of a good at various prices
• C. A single point showing the quantity purchased at one specific price
• D. The market equilibrium price

Answer: (A)

Verified step by step guidance

1. Understand the concept of demand in microeconomics: Demand refers to the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.
2. Recognize that demand is not just a single quantity at one price, but rather the entire set of quantities demanded across a range of prices.
3. Identify that this relationship is typically represented graphically by a demand curve or numerically by a demand schedule, which shows how quantity demanded changes as price changes.
4. Distinguish demand from supply, which refers to the quantities sellers are willing to offer at various prices, and from market equilibrium price, which is the price where quantity demanded equals quantity supplied.
5. Conclude that the correct description of demand is the entire relationship between price and quantity demanded, represented by a curve or schedule.