In the top graph, the x-axis plots the quantity of pizzas demanded, which ranges from 100 to 2000 in increments of 100. The y-axis plots the price of pizzas in dollars, which ranges from 1 to 20 in increments of 1. The "Demand Curve" slopes downward from the coordinates (150, 20) near the top of the y-axis to the coordinates (2000, 2) near the end of the x-axis. Arrows point from a label to the high end as well as the low end of the curve. The label reads "When the price of pizza is high, fewer people are willing to pay for it. But when the price goes down, more people are willing to buy pizza. At the lower price, in other words, more people ‘demand’ the product.”
| DEMAND AND SUPPLY SCHEDULES | ||
|---|---|---|
| Price | Quantity of Pizzas Demanded | Quantity of Pizzas ... |
Get Business Essentials, 12/e now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
