Characteristics Of Demand:
There are three main characteristics of demand in economics.
- Willingness and ability to pay. Demand is the amount of a commodity
- Demand is always at a price. If we talk of demand without reference to price, it will be meaningless. The consumer must know both the price and the commodity. He will then be able to tell the quantity demanded by him.
- Demand is always per unit of time. The time may be a day, a week, a