Question

If the price of bananas increases from $0.75 a pound to $1.00 per pound, in the market for bananas this will cause:______.

Answer 1

Banana prices will move upward (to the left) along the demand curve if they rise from $0.75 per pound to $1.00 per pound in the market.

The demand curve is a graphical depiction of the connection between the cost of a commodity or service and the amount demanded over a specific time period. A common representation will have the price on the left-hand vertical axis and the amount needed on the right-hand horizontal axis.

The law of demand states that, when all other factors are equal, the quantity demanded for a given good will decrease as its price rises as shown by the demand curve moving from left to right.

Keep in mind that this formulation suggests that quantity is the dependent variable and price the independent variable. The independent variable often appears on the horizontal axis, or x-axis, although economics is an demand curve.

Learn more about demand curve here

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