PRINCIPLES OF MICROECONOMICS (LL)W/ACC.
PRINCIPLES OF MICROECONOMICS (LL)W/ACC.
7th Edition
ISBN: 9781264198733
Author: Frank
Publisher: MCG
Question
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Chapter 3, Problem 1RQ
To determine

The horizontal and vertical interpretations of the demand curve.

Expert Solution & Answer
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Explanation of Solution

The demand curve can be interpreted horizontally and vertically. The demand curve shows the total value of the goods and services that are demanded at a particular price in a given period of time. This is referred to as the horizontal interpretation. By horizontal interpretation, initially start with the horizontal axis, which represent price and then go to the vertical axis, where the corresponding quantity demanded measures. On the other hand, in the vertical interpretation, first start with the quantity demanded and then go to its corresponding willing price of the consumer.

Economics Concept Introduction

Demand curve: The demand curve refers to the curve that shows the total value of the goods and services that are demanded at a particular price in a given period of time.

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