Question

which of the following refers to how much of a good or service people want to buy at any given time?
a. a shortage
b. demand
c. equilibrium
d. a surplus
e. supply

Explanation:

To solve this, we analyze each option:

• Option A (A shortage) is when demand exceeds supply, not the definition of "how much people want to buy".
• Option B (Demand) is defined as the quantity of a good or service that people are willing and able to buy at various prices (or at any given time in a simplified sense).
• Option C (Equilibrium) is when supply equals demand, not related to the "want to buy" concept.
• Option D (A surplus) is when supply exceeds demand, not relevant.
• Option E (Supply) is about how much producers offer, not what people want to buy.

Answer:

B. Demand