Quick Definition

Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Examples

• 1When the price of smartphones decreases, the demand usually increases, leading to higher sales.
• 2During a heatwave, the demand for air conditioners and fans typically rises.
• 3Special promotions and discounts can temporarily boost the demand for specific products, such as during Black Friday sales.

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