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Demand Curve and Supply Curve. - Economics

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Demand curve and Supply curve.

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Solution

Point Demand Curve Supply Curve
1. Meaning Demand curve is the graphical representation of a given demand schedule. It shows variations in the quantity demanded in response to change in price. Supply curve is the graphical representation of a given en supple schedule. It shows the variations in the quantity supplied in response to change in price.
2. Price Relationship There exist an inverse relationship between the quantity demanded and the price of a given commodity. There exist an direct relationship between the quantity supplied and the price of a given commodity
3. Slope of the curve The demand curve slopes downwards form the left to right. It has negative slope. The supply curve slopes upwards from left to right. It has positive slope.
4. Behaviour Relationship The demand curve indicates buyers’ behaviour in response to change in price. The supply curve indicates sellers’ behaviour in response to change in price.
Concept: Demand
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