The quantity of a product bought at a given price over a given period of time is called what?

• A. Supply
• B. Demand
• C. Price
• D. Equilibrium

Answer: (B)

The idea here is demand—the quantity buyers are willing and able to purchase at a given price during a specific period. The phrase describes the exact amount purchased at that price, which is the quantity demanded at that price and time. Remember, demand reflects how much consumers want to buy at various prices (often shown as a downward-sloping curve when other factors stay the same). It’s different from supply (what producers are willing to sell), from price (the amount charged per unit), and from equilibrium (where supply equals demand). This makes demand the best fit for the described concept.