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: -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: -The independent variable belongs on the x-axis (horizontal line) of the graph and the dependent variable belongs on the y-axis (vertical line).

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.