What is the correct way to label the axis on a graph which illustrates a demand curve?
A)Income on the horizontal axis and price on the vertical axis.
B)Price on the horizontal axis and income on the vertical axis.
C)Quantity on horizontal axis and price on the vertical axis.
D)Price on horizontal axis and quantity on the vertical axis.

Question

Quizplus · Accepted Answer

The demand curve illustrates the relationship between price and quantity demanded. Therefore, the correct way to label the axes is with price on the vertical axis and quantity on the horizontal axis, as demand curves are typically drawn with price as the dependent variable and quantity as the independent variable.

What Is the Correct Way to Label the Axis on a Graph