Question

The quantity demanded for office chairs has decreased due to an increase in price. how would this change in quantity demanded be represented on the demand curve?

Answer 1

This change in quantity demanded is represented on the demand curve as a movement from one point on the curve to a lower point on the curve.

What is a demand curve?

• A demand curve is an economics graph that depicts the connection between a commodity's price (the y-axis) and the volume of that commodity demanded at a certain price (the x-axis).
• Demand curves can be used to model the price-quantity relationship for a single consumer (an individual demand curve) or for all consumers in a given market (a market demand curve) (a market demand curve).
• Demand curves are generally assumed to slope downward (as given in the image below).
• This is due to the law of demand, which states that when the price of good rises, the quantity demanded decreases.

The demand curve in the above-given situation:

• A change in direction from one point on the curve to another.
• A change in price causes an increase in quantity demanded, which is represented by a movement from one point on the curve to a lower point on the curve.

Therefore, this change in quantity demanded is represented on the demand curve as a movement from one point on the curve to a lower point on the curve.

Know more about a demand curve here:

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