In introductory microeconomics, a demand curve for a single good typically shows which two variables on its axes?

• A. The price of the good and the price of a related good (substitute or complement)
• B. Consumer income and consumer preferences
• C. The quantity of the good demanded and the price of the good
• D. The quantity supplied of the good and the price of the good

Answer: (C)

Verified step by step guidance

1. Understand that a demand curve graphically represents the relationship between two key variables: the price of the good and the quantity demanded of that good.
2. Recall that the vertical axis (y-axis) typically shows the price of the good, which is the independent variable affecting demand.
3. Recognize that the horizontal axis (x-axis) shows the quantity of the good demanded, which is the dependent variable responding to changes in price.
4. Note that other factors like the price of related goods, consumer income, or preferences are held constant when drawing a single demand curve, so they are not shown on the axes.
5. Conclude that the demand curve plots the quantity demanded against the price of the good, illustrating how quantity demanded changes as price changes.