Emma wants to cook her dinner, but there is no rice at home.
She needs to buy some rice from the grocery store. Emma has a demand for rice.
What is demand?
Demand refers to a consumer’s willingness to pay for a good or service. Assuming that all else is equal, a rise in the price of a good or service will result in a fall in the quantity demanded. A decline in the price of a good or service is equivalent to an increase in the quantity demanded.
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