Chapter 2- The Demand Curve
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Straight line demand curve
More common to show a demand curve as a straight line. It simplifies the drawing and makes it easier to understand
The slope of the demand curve
Nearly always slopes down from left to right.
The demand curve
Shows the quantity demanded at any given price
Demand
(represented by buyers) The amount of a good that will be bought at given prices over a period of time
Movement along the demand curve
When price changes there is a movement along the demand curve.
relationship between price and quantity demanded
Inversely related (when price goes up demand will fall and vice versa)
Rising demand
means higher prices
Falling demand
means lower prices
