ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The price is viewed as the variable that determines quantity supplied and quantity demanded, and we usually put the dependent variable (which here is quantity) on the vertical axis. (To elaborate: Demand is typically taught as a function which takes as input prices and gives as output quantity demanded.)

Detailed explanation-2: -price is held up on Y-axis to facilitate and confirm the derivation of demand curve from MU.

Detailed explanation-3: -The independent variable belongs on the x-axis (horizontal line) of the graph and the dependent variable belongs on the y-axis (vertical line). The x and y axes cross at a point referred to as the origin, where the coordinates are (0, 0).

Detailed explanation-4: -price is measured along the vertical axis, and quantity demanded is measured along the horizontal axis.

Detailed explanation-5: -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.