What describes the quantity of a product that consumers are willing and able to buy at a specific price?

The correct answer is demand because it specifically refers to the relationship between the quantity of a product that consumers are prepared to purchase and the price at which that product is available in the market. Understanding demand is essential as it helps in analyzing consumer behavior and preferences.

When prices increase, the quantity demanded typically decreases, assuming all other factors remain constant, illustrating the law of demand. Conversely, if prices decline, consumers are likely to purchase more of the product. This dynamic is fundamental in economics as it helps businesses predict how changes in price may affect their sales.

Market equilibrium relates to the point where the quantity supplied matches the quantity demanded, but does not directly define consumer willingness alone. Market demand encompasses the total demand across all consumers in the market, which is related but broader than individual demand at a specific price. Supply, on the other hand, focuses on how much of a product producers are willing to sell, rather than consumer behavior.