The downward-sloping demand curve reflects the price is positively related to quantity supplied. (true or false give explanation)
Answered by Expert Tutors
The statement is incorrect because the demand curve shows a relationship between the price and the quantity demanded and not quantity supplied.
The demand curve is downward-sloping which indicates a negative relationship between the price and the quantity demanded for any given product. When the price of commodity X increases, customer will purchase less expensive commodity Y, which leads to a lower demand for X. The supply curve slopes upward which indicates that whenever the price of a good increases, there will be an increase in willingness and the ability of the suppliers to supply more of the good.