The demand curve represents consumer's:
A) willingness to pay.
B) trade-offs.
C) surplus.
D) willingness to sell.

Question

Quizplus · Accepted Answer

The demand curve represents consumer's willingness to pay for a product, which is based on the perceived value of the product and the consumer's ability to pay. It shows the quantity of a product that consumers are willing and able to buy at different prices. The higher the price, the lower the quantity demanded, and vice versa. Therefore, the demand curve reflects consumers' preferences and choices, and their willingness to buy a product at a certain price.

The Demand Curve Represents Consumer's