5. What is demand curve? Show with the help of
suitable diagrams how the market demand curve
|
can be derived from individual demand
curves.
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Explanation:
Demand curve, in economics, a graphic representation of the relationship between product price and the quantity of the product demanded. ... It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis.
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Answer:
The market demand curve is obtained by adding together the demand curves of the individual households in an economy. As the price increases, household demand decreases, so market demand is downward sloping. The market supply curve is obtained by adding together the individual supply curves of all firms in an economy.
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