Multiple Choice
A demand schedule is a table that shows the relationship between:
46
views
3. The Market Forces of Supply and Demand
The Demand Curve
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
A demand curve is graphed by plotting:
A
the cost of production on the vertical axis and the quantity produced on the horizontal axis
B
the quantity supplied on the vertical axis and the price on the horizontal axis
C
income levels on the vertical axis and consumer preferences on the horizontal axis
D
the price of a good on the vertical axis and the quantity demanded on the horizontal axis
Verified step by step guidance1
Understand that a demand curve represents the relationship between the price of a good and the quantity demanded by consumers.
Recall that in economics, the vertical axis (y-axis) typically shows the price of the good, while the horizontal axis (x-axis) shows the quantity demanded.
Recognize that the demand curve slopes downward from left to right, indicating that as price decreases, quantity demanded increases, and vice versa.
Identify that the other options given (cost of production, quantity supplied, income levels, consumer preferences) are not plotted on the demand curve axes but relate to supply or other economic concepts.
Conclude that the correct graph for a demand curve plots the price of the good on the vertical axis and the quantity demanded on the horizontal axis.
Related Videos
Related Practice
The Demand Curve practice set
Problem sets built by lead tutorsExpert video explanations