Multiple Choice
The total amount of a product available in a market at a given price is called the:
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3. The Market Forces of Supply and Demand
The Demand Curve
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
On a standard demand curve, what does the vertical axis represent?
A
Consumer income
B
The quantity demanded
C
The number of buyers in the market
D
The price of the good or service
Verified step by step guidance1
Understand that a standard demand curve is a graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers.
Recall that the demand curve typically has two axes: the horizontal axis (x-axis) and the vertical axis (y-axis).
Identify that the horizontal axis represents the quantity demanded, which is the amount of the good or service consumers are willing and able to buy at different prices.
Recognize that the vertical axis represents the price of the good or service, which influences consumers' willingness to purchase.
Conclude that on a standard demand curve, the vertical axis shows the price of the good or service, not consumer income, the number of buyers, or quantity demanded.
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