Introduction to Economics 1 Deneme Sınavı Sorusu #1151984
Which of the following statement is correct about the slope and the shape of the demand curves?
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Demand curves are downward sloping to reflect the negative relationship between the price and quantity demanded. Moreover, they are normally convex to the origin. |
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Demand curves are upward sloping to reflect the positive relationship between the price and quantity demanded. Moreover, they are normally convex to the origin. |
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Demand curves are upward sloping to reflect the positive relationship between the price and quantity demanded. Moreover, they are normally concave to the origin. |
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Demand curves are downward sloping to reflect the positive relationship between the price and quantity demanded. Moreover, they are normally U-shaped. |
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Demand curves are downward sloping to reflect the non-existence of the scarcity problem. Moreover, they are normally convex to the origin. |
Demand and Demand Curve
Demand curves are downward sloping to reflect the negative relationship between the price and quantity demanded. Moreover, they are normally convex to the origin. However, economists usually draw them as straight lines. It is ironic that these lines are still called curves, but we will follow the same convention and call them demand curves whether they are really curves or are lines.
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