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What is the difference between the quantity demanded and the demand curve?
What is the difference between the quantity demanded and the demand curve?
Expert Solution
The demand curve is a downward sloping curve, showing the inverse relationship between quantity demanded and various prices. Quantity demanded is a point on the demand curve that correspond to a given price. A change in the demand for a product signifies inward or outward shift in the demand curve, meaning that the quantity demanded at each price has decreased or increased, respectively. A change in quantity demanded describe the change in number of units demanded by the consumer as a result of a change in price, that is, a movement along the demand curve.
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