What is meant by quantity demanded?

Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a given price within a certain time frame. This concept highlights how demand can change based on price fluctuations; generally, as the price of a product decreases, the quantity demanded tends to increase because more consumers find it affordable, and vice versa.

This choice specifically captures the idea that quantity demanded is not merely about the total sales or overall demand, but rather focuses on the relationship between the price of a product and the number of units that buyers are ready to buy at that price. The correct understanding of quantity demanded plays an essential role in economics, especially in constructing the demand curve, which illustrates how quantity demanded varies with different price levels.