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 Theory of Demand
Meaning of demand
Demand may be defined as theamount of a commoditypurchased by a person at agiven point of time and at agiven price.It includes:1. A desire to get a commodity2. A means to buy it.
 
Meaning of demandCont….
3. The willingness to use thosemeans.Again it must consist,
it is always at a point of time.
It is always at a price.
 
Features of Demand
1.Difference between desire anddemand:(consumer has the willingness andability to buy)2.Relationship between demand andprice(It is always at a price per unit of time)3.Demand at a point of time It is
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