Chapter 4: Problem 2

Use the terms demand and quantity demanded correctly in a sentence about concert tickets.

Short Answer

Expert verified

A correct sentence could be: 'The demand for concert tickets refers to how many tickets people would buy at different prices, while the quantity demanded is the specific number of tickets people are willing to buy at a certain price.'

Step by step solution

Understanding the term 'Demand'

'Demand' in economic terms is a concept showing the amount of a product that a consumer is willing to purchase at various prices. Here, 'demand' refers to the relationship between the price and the quantity that people are willing to buy, assuming all other factors are held constant.

Understanding the term 'Quantity Demanded'

'Quantity demanded' on the other hand, refers to the specific amount that consumers are willing to buy at a particular price. When the price of a product changes, the 'quantity demanded' will also change as a result.

Formulating a sentence with 'Demand' and 'Quantity demanded'

Let's put these two notions in the context of concert tickets. A possible sentence could be: 'The 'demand' for concert tickets refers to how many tickets people would buy at various prices, whereas the 'quantity demanded' would be the specific number of tickets people are willing to purchase at a certain price.' Using these two terms correctly is important to accurately describe economic behaviors and changes.

Checking the formulation

Once the sentence is formulated, it's important to review to ensure that both terms 'demand' and 'quantity demanded' are used correctly and adequately illustrate the concepts they denote in context of concert tickets. Cross-checking with the definitions and understandings of the terms, the formulated sentence is correctly applying these economic terms.

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