ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The price is plotted on the vertical (Y) axis while the quantity is plotted on the horizontal (X) axis. Demand curves are used to determine the relationship between price and quantity, and follow the law of demand, which states that the quantity demanded will decrease as the price increases.

Detailed explanation-3: -The utility theory basically considers quantity as an independent variable and therefore, the quantity is placed on X-axis as coordinate geometry implements.

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

Detailed explanation-5: -Rather, on a demand (or supply) curve, price is placed on y-axis and quantity is placed on x-axis. It is believed that the norm was created by Alfred Marshall, when he introduced the demand and supply curves. He, first, drew the demand and supply curves in his book “ “Principles of Economics".