How are the concepts of need and demand connected?

Show Answers

They are distinct and not connectedThey represent the same ideaBoth are strongly influenced by priceBoth are directly linked to supply

Explanation

Need and demand are different ideas; need refers to basic requirements, while demand involves the willingness and ability to purchase. Therefore, they are unrelated concepts.

How are the concepts of need and demand connected? — Miscellaneous Economics Mcqs | PakQuizHub