In Constructing the Demand Graph to Show How the Price

question 328

Multiple Choice

In constructing the demand graph to show how the price of a good price affects how much of it the buyers will buy, the convention that economists follow is to measure price on the

• A) horizontal axis because it is the independent variable.
• B) vertical axis because it is the dependent variable.
• C) vertical axis even though it is the independent variable.
• D) horizontal axis even though it is the dependent variable.

---

Definitions:

Personal Gains

Benefits or advantages gained by an individual, often from a situation or through their actions, which can be material or immaterial.

Encouraging Behavior

Actions intended to support, motivate, or promote confidence in individuals or groups.

Challenger

An entity or individual that questions, competes against, or provides alternatives to the current status quo or dominant players.

Devil's Advocate

A person who expresses a contentious opinion in order to provoke debate or test the strength of opposing arguments.