Question : Which of the following statements is correct regarding the demand curve?
I. It is a graphical representation of the demand function.
II. It gives the quantity demanded by the consumer at each price.
Option 1: Both I and II
Option 2: Only II
Option 3: Neither I nor II
Option 4: Only I
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Correct Answer: Both I and II
Solution : The correct option is Both I and II .
The demand curve is a graphical representation of the demand function, which shows the relationship between the price of a good or service, and the quantity demanded. It slopes downward because of the law of demand, which states that all other things being equal, the quantity demanded of a good or service decreases as the price increases. The demand curve gives the quantity demanded by the consumer at each price.
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