Explain what is wrong in the given statement.
Explanation of Solution
The statement, “demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period” is wrong. The reason being that demand is the willingness and ability of a buyer to consume different quantity of goods at different price level during a specific time period. Ability of a consumer is also as important factor which determines the
Demand: Demand refers to the willingness and the ability of a buyer to consume goods and services at a different price level in a given period of time.
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