Economics · Theory of Demand

When a consumer's desire to buy a product is backed up by their purchasing power and willingness to pay for it, it is known as:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Composite demand
2Latent demand
3Effective demand✓
4Derived demand

Correct answer

Effective demand

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When a consumer's desire to buy a product is backed up by their purchasing power and willingness to pay for it, it is known as:

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When a consumer's desire to buy a product is backed up by their purchasing power and willingness to pay for it, it is known as:

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