What two variables define the demand curve. Explain and offer two examples

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What two variables define the demand curve. Explain and offer two examples

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Answer 1

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Price and quantity demanded of a good are the two variables which define the demand curve. Demand curve shows inverse relationship between the price of good and its quantity demanded. Increase in price decreases quantity demanded of good and vice - versa.

Increase in the price of Car decreases its quantity demanded in the market which reflects the demand curve. Due to this inverse relationship, demand curve is negatively sloped.

Decrease in the price of chocolates increases its quantity demanded as children buy more chocolates at less price.

Price of Good 0 Quantity of good X

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