Demand And Supply

What is the shape of the supply curve?

According to the law of supply all the supply curves slope upward.

What is the relationship between price and quantity demanded along the demanded along the demand curve?

Along the demand curve, at a higher price people buy less and at a lower price people buy more, which means that price and quantity are inversely related.

What is the relationship between price and quantity supplied along the supply curve?

At a higher price producers always produce more and at a lower price producers produce less, which means that along the supply curve prices quantities are directly related.

What is the shape of the demand curve?

Because of the law of demand all the demand curves slope downward.

How is the change in demand graphed?

The change in demand is graphed by a shift in the demand curve.

Where is the change in quantity demanded measured?

The change in quantity demanded is measured on the horizontal axis.

Where is the change in quantity supplied measured?

The change in quantity supplied is measured on the horizontal axis.

What does the law of demand say?

The law of demand says that prices and quantities are inversely related.

What does the law of supply say?

The law of supply says that prices and quantities are directly related.

What will bring a movement along the demand curve (from one point to another?

A change in price along with a change in quantity demanded brings about a movement along the demand curve.

What will bring about a movement along the supply curve (from one point to another)?

A change in price along with a change in quantity supplied makes us move from one point to another along the supply curve.

How is the change in supply graphed?

A change in supply is graphed by shifting the supply curve.