demand curve always will be
1) Negative slop
2) positive slop
3) parallel to the X-axis
4) parallel to the Y-axis
Answers
ANSWER
NEGATIVE SLOP
Demand curves generally have a negative gradient indicating the inverse relationship between quantity demanded and price. There are at least three accepted explanations of why demand curves slope downwards: The law of diminishing marginal utility. The income effect.
POSITIVE SLOP
It simply indicates how much the line rises per unit move to the right or how much it goes down as we move to the right. The former (an upward rising curve) is said to have a positive slope while the latter (a downward sloping curve) has a negative slope. Thus, the slope of a demand curve is ∆P/∆Q.
PARALLEL TO X AXIS
A perfectly elastic demand curve is parallel to the x-axis. This is because if the elasticity of a commodity is perfectly elastic when the producer can sell any quantity of the commodity for a particular price and the demand becomes zero with a slight change in price.
PARALLEL TO Y AXIS
When the demand curve is parallel to the vertical axis, it means, that the same amount of goods are demanded at any price level. Which further means that there is no effect of change in price on the quantity demanded. Hence, the product is perfectly Inelastic and quantitatively, elasticity of demand is 0.
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