ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Y-axis (vertical)
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X-axis (horizontal)
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Either A or B
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None of the above
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Detailed explanation-1: -The Y axis is vertical on most charts (except for bar charts, where the Y axis is horizontal). Because it displays values, the Y axis is also called the value axis. On XY and bubble charts, both the X and Y axes are value axes.
Detailed explanation-2: -The normal convention is to put the independent variable on the X axis and the dependent variable on the Y axis. This convention calls for price to be plotted on the horizontal axis and quantity on the vertical axis.
Detailed explanation-3: -Traditionally in economics x-axis represents the dependent function and y-axis represents the independent function. Therefore, generally, the price is represented on y-axis and quantity on x-axis. The downward-sloping demand curve represents the inverse relationship between price and quantity.
Detailed explanation-4: -price is held up on Y-axis to facilitate and confirm the derivation of demand curve from MU.
Detailed explanation-5: -The horizontal axis is usually called the x-axis. The vertical axis is usually called the y-axis. The point where the x-and y-axis intersect is called the origin.