Asked by Reginald Joseph on May 09, 2024
Verified
_____ illustrates an inverse relationship between price and quantity.
A) A demand curve
B) A supply curve
C) A production possibility frontier
D) Equilibrium
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale.
Production Possibility Frontier
A graph that shows the maximum possible output combinations of two goods or services an economy can achieve when using all available resources efficiently.
- Absorb the fundamentals of how price influences the quantity demanded in accordance with the law of demand.
Verified Answer
SH
Shreen HusseinMay 11, 2024
Final Answer :
A
Explanation :
A demand curve shows the inverse relationship between price and quantity, meaning as price increases, quantity demanded decreases, and vice versa.
Learning Objectives
- Absorb the fundamentals of how price influences the quantity demanded in accordance with the law of demand.