By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good.
A)quantity; price; quantity
B)price; quantity; quantity
C)price; quantity; price
D)quantity; price; price

Question

Quizplus · Accepted Answer

The demand curve is typically drawn with price on the vertical axis and quantity on the horizontal axis. This indicates that the most important determinant of demand is the price of the good. As the price of the good increases, the quantity demanded decreases and vice versa. Therefore, choice C is the best answer.

By Drawing a Demand Curve with ________ on the Vertical