Which of the following statements is TRUE?
A) A demand curve shows the relationship between a product's price and the number of units consumers want to buy at each price, assuming there are no changes in other factors affecting demand.
B) A demand curve shows the relationship between consumer income and the quantity purchased of a product.
C) A demand curve shows the relationship among consumer income, price of a product, quantity supplied, and the number of units of that product consumers want to buy.
D) A demand curve is drawn with the assumption that demand equals supply.

Question

Quizplus · Accepted Answer

A demand curve illustrates the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase, assuming all other factors affecting demand (like consumer income, tastes, and prices of related goods) remain constant. Choices B, C, and D describe aspects not solely represented by a demand curve.

Which of the Following Statements Is TRUE