Demand Curve
The demand curve is a downward-sloping line on a diagram showing the inverse relationship between price and quantity demanded. It shows all the different quantities of a good consumers are willing and able to buy at various prices, assuming other factors remain constant.
Real World
When Greggs reduced the price of its vegan sausage roll from £1.20 to £1.00 during a 2023 promotion, stores reported a significant increase in units sold as lower prices attracted both existing and new customers.
Exam Focus
Always label both axes correctly (price on Y, quantity on X) and state ceteris paribus when explaining movements along the curve.
How well did you know this?