Which of the following best describes the market demand curve for the Samsung Galaxy smartphone?

• A. It shows the relationship between the income of consumers and the total quantity demanded of all smartphones.
• B. It shows the relationship between the price of competing smartphones and the total quantity demanded of the Samsung Galaxy smartphone.
• C. It shows the relationship between the price of the Samsung Galaxy smartphone and the total quantity supplied by all producers in the market.
• D. It shows the relationship between the price of the Samsung Galaxy smartphone and the total quantity demanded by all consumers in the market.

Answer: (D)

Verified step by step guidance

1. Step 1: Understand what a market demand curve represents. It shows the relationship between the price of a good and the total quantity demanded by all consumers in the market for that good.
2. Step 2: Recognize that the market demand curve focuses on the price of the specific product in question—in this case, the Samsung Galaxy smartphone—and how changes in this price affect the quantity demanded.
3. Step 3: Differentiate between demand and supply curves. The demand curve relates price to quantity demanded, while the supply curve relates price to quantity supplied.
4. Step 4: Note that factors like consumer income or prices of competing goods can shift the demand curve but are not what the demand curve itself directly shows; the curve itself plots price against quantity demanded.
5. Step 5: Conclude that the correct description of the market demand curve for the Samsung Galaxy smartphone is that it shows the relationship between the price of the Samsung Galaxy smartphone and the total quantity demanded by all consumers in the market.