GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A demand curve illustrates the relationship between quantity demanded of a product and ____
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Profit
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Price
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Production Cost
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None of the above
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Explanation:
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: -A demand curve illustrates the quantity demanded and any price offered on the market. A change in quantity demanded is represented as a movement along a demand curve.
Detailed explanation-3: -Demand Curve-a diagram showing the relationship between the price of a good and the quantity demanded per period of time, other things equal.
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