ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A
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B
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C
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D
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Detailed explanation-1: -The demand curve is derived by analyzing the relationship between own price of a good and its quantity demanded while keeping other demand factors as constant. Other demand factors include the price of related goods, income, and taste and preferences of consumers. Therefore, the correct option is: C.
Detailed explanation-2: -According to the Marshallian utility analysis, the demand curve was derived on the presumption that utility was cardinally quantifiable and the marginal utility of money lasted constantly with the difference in price of the commodity.
Detailed explanation-3: -demand curve, in economics, a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis.
Detailed explanation-4: -The demand curve for an individual good is drawn under the assumption that the prices of other goods remain constant and the assumption that buyers’ incomes remain constant.
Detailed explanation-5: -Answer and Explanation: The correct answer is E: it shows the relationship between product demand and product price.