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B) Demand curve is a graphic representation of demand schedule expressing the relationship between different quantities demanded at different possible prices of a commodity. In the above figure, the demand curve has been represented.
In this diagram, demand of pie per week is shown on the OX-axis and the price of pie per week is shown on the OY-axis. Every point on this demand curve expresses the relation between price and demand. When price is $ 6.00 per unit the pie demand is 3 pies per week.
When price is $1.00 per unit, the pie demand is 8 pies per week. Thus, demand curve slopes downwards from left to right indicating that at higher price demand is less, and at lower price demand is high. Why is Chegg Study better than downloaded Microeconomics 4th Edition PDF solution manuals? It's easier to figure out tough problems faster using Chegg Study. Unlike static PDF Microeconomics 4th Edition solution manuals or printed answer keys, our experts show you how to solve each problem step-by-step. No need to wait for office hours or assignments to be graded to find out where you took a wrong turn. You can check your reasoning as you tackle a problem using our interactive solutions viewer.
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