In Graphing a Relationship Between Two Variables, Economists Always Follow

question 32

True/False

In graphing a relationship between two variables, economists always follow the mathematical convention. Thus, if price is the independent variable then it is measured on the horizontal axis.

---

Definitions:

Equilibrium World Price

The price of a good at which the quantity supplied and quantity demanded are equal in the global market.

Domestic Quantity Supplied

The total amount of a product that producers in a country are willing and able to sell at a given price level, within the domestic market.

Domestic Quantity Demanded

The aggregate quantity of a product or service that buyers in a particular nation are ready and capable of buying at a certain price.

Hypothetical Nations

Imaginary or theoretical countries used for the purpose of discussion, analysis, or study in various contexts.