Question

ECONOMICS

The graph shows the price of a good compared to the quantity demanded.

A graph titled Demand for Microwave Ovens has quantity demanded on the x-axis, from 0 to 50 in increments of 5, and price in dollars on the y-axis, from 0 to 70 in increments of 10. A line with negative slope contains 2 points. Point (D 1, P 1) is at (15, 50), and point (D 2, P 2) is at (20, 30).

This graph demonstrates how

the amount produced slightly changes with the price.
the amount produced greatly changes with the price.
the quantity demanded changes slightly with the price.
the quantity demanded changes greatly with the price.

Answer 1

the quantity demanded changes slightly with the price.

Step-by-step explanation:

As was shown in the chart title, we can see that the chart will present the demand for microwave oven and what is the relationship between this demand and the price of the product, since the amount of demand is in the x axis and the amount of the price is on the axis y. As we can see, the graph has a negative slope, which links the values of demand and price in an inversely proportional way. This shows that the amount of demand changes slightly with the price, and as the price increases, demand decreases.