The quantity demanded for office chairs has decreased due to an increase in price. how would this change in quantity demanded be
1 answer:
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.
<h3>What is a demand curve?</h3>- 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:
#SPJ4
You might be interested in