A Graph Measures Y on the Vertical Axis and X

question 152

Multiple Choice

A graph measures y on the vertical axis and x on the horizontal. The curve on the graph is a horizontal line. From this fact we know that

• A)the ratio of x to y is constant.
• B)the value of x never changes.
• C)the slope of the line is not defined because y never changes.
• D)the value of y does not depend on the value of x.

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Definitions:

Excess Demand

A market condition where the quantity demanded of a good exceeds the quantity supplied, leading to shortages.

Good

A tangible item or product that fulfills a need or desire and is available for purchase.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers from high prices.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market stability.