Asked by Nastassja Locklear on Jun 12, 2024
Verified
The curve that shows the relationship between sales price and quantity sold is called the:
A) marginal revenue curve.
B) average cost curve.
C) demand curve.
D) revenue curve.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded by consumers, typically sloping downward from left to right.
Sales Price
The amount of money for which a product or service is sold to the customer.
Quantity Sold
The total number of units of a product or service sold during a specific period.
- Identify the relationship between price, demand, and sales quantity.
Verified Answer
JS
jahliyah spellsJun 17, 2024
Final Answer :
C
Explanation :
The curve that shows the relationship between sales price and quantity sold is called the demand curve. This is because it represents the quantity of a good or service that consumers are willing and able to buy at various prices, based on the law of demand. The marginal revenue curve shows the change in revenue that results from selling an additional unit of a good or service, the average cost curve shows the average cost per unit of production at different levels of output, and the revenue curve shows the total revenue earned at different levels of output.
Learning Objectives
- Identify the relationship between price, demand, and sales quantity.