GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
1.supply curve
|
|
|
2.demand curve
|
|
|
3.elesticities of supply
|
|
|
4. none of the above
|
Detailed explanation-1: -A demand curve is graph that shows the relationship between the price of a good or service and the quantity demanded within a specified time frame. Demand curves can be used to understand the price-quantity relationship for consumers in a particular market-corn or soybeans, for example.
Detailed explanation-2: -A demand curve is a graph that shows the quantity demanded at each price. Sometimes the demand curve is also called a demand schedule because it is a graphical representation of the demand scheduls.
Detailed explanation-3: -A demand curve shows the relationship between quantity demanded and price in a given market on a graph. The law of demand states that a higher price typically leads to a lower quantity demanded.