This kind of behavior on the part of buyers is in accordance with the law of demand

This kind of - inverse relationship is more readily seen using the graphical device known as the demand curve which is nothing more than a graph of

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This kind of behavior on the part of buyers is in accordance with the  law of demand . According to  the law of demand, an  inverse relationship  exists between the price of a good and the quantity  demanded of that good. As the price of a good goes up, buyers demand less of that good. This 
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: inverse relationship is more readily seen using the graphical device known as the demand curve , which is nothing more than a graph of the demand schedule. A demand curve for the demand schedule given in Table 1 is presented in Figure 1 . Figure 1 Demand curve for good X...
View Full Document

This note was uploaded on 11/18/2011 for the course ECO 1310 taught by Professor Staff during the Fall '10 term at Texas State.

Ask a homework question - tutors are online