ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, a demand curve is a graph depicting the relationship between the price of a certain commodity (the y-axis) and the quantity of that commodity that is demanded at that price (the x-axis).

Detailed explanation-2: -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-3: -Supply and demand are usually expressed in a line graph format, with Quantity (the independent variable) on the y-axis and Price (the dependent variable) on the x-axis.

Detailed explanation-4: -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-5: -In economics, we commonly use graphs with price (p) represented on the y-axis, and quantity (q) represented on the x-axis. An intercept is where a line on a graph crosses (“intercepts”) the x-axis or the y-axis.