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  • The willingness and the ability of consumers to purchase goods and services. The allusion to willingness and ability gives the concept a particular meaning in economics. When economists talk about demand, they allude to effective demand, which is a combination of willingness and ability. A consumer might be willing to purchase a good, but that is all there is to it. The consumer does not have the ability or wherewithal to purchase the good and therefore cannot obtain the good from a market.

    Given certain regularity conditions or assumptions, economists have tried to model consumer behavior to derive the law of demand, which states that if other factors that can affect demand don't change, consumers will buy more of a good as the price falls ...

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