ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Quantity demanded is the total amount of goods and services that consumers need or want and are willing to pay for over a given time. The important factor in a demand curve is the price consumers are charged for a good or service, irrespective of whether that is the market equilibrium price.

Detailed explanation-2: -The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity demanded on the horizontal axis.

Detailed explanation-3: -Demand is represented by entire demand curve; quantity demanded is represented by a single point on the demand curve that correlates with one price and one quantity.

Detailed explanation-4: -The demand curve is a line graph utilized in economics, that shows how many units of a good or service will be purchased at various prices. The price is plotted on the vertical (Y) axis while the quantity is plotted on the horizontal (X) axis.