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A demand curve is accurate when it reflects the relationship between price and quantity demanded under ceteris paribus conditions, meaning all other factors remain constant. It accurately depicts consumer behavior at a specific point in time, considering factors like consumer preferences, income levels, and the prices of related goods. Additionally, the curve must be based on reliable data and assume a stable market environment for it to effectively predict demand changes in response to price variations.
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What are the limits of demand curve?
Demand curve is only Accurate for one very specific set of market condition.
What condition must exist to make a demand curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
Is a demand curve created from a demand schedule?
The data on a demand schedule can be plotted on a demand curve. Often, a demand schedule will be created before the creation of a demand curve, so as to allow for greater accuracy when plotting the demand curve.
Is an increase in demand represented by a movement up the demand curve?
An increase in demand is represented by a shift of the demand curve to the right; not a movement along the demand curve. An increase in the quantity demanded would be a movement down the demand curve.
What the primary difference between aggregate demand curve and individual demand curve?
aggregate demand curve is the total sum of all the individual demand curves while individual demand curve is the demand made by the single individual.
What are the limits of demand curve?
Demand curve is only Accurate for one very specific set of market condition.
What condition must exist to a demand curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
What condition must exist to make a demand curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
What condition must exist to make a curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
True or False the steeper the demand curve the less elastic the demand curve?
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
Is a demand curve created from a demand schedule?
The data on a demand schedule can be plotted on a demand curve. Often, a demand schedule will be created before the creation of a demand curve, so as to allow for greater accuracy when plotting the demand curve.
Is an increase in demand represented by a movement up the demand curve?
An increase in demand is represented by a shift of the demand curve to the right; not a movement along the demand curve. An increase in the quantity demanded would be a movement down the demand curve.
What the primary difference between aggregate demand curve and individual demand curve?
aggregate demand curve is the total sum of all the individual demand curves while individual demand curve is the demand made by the single individual.
Intuitive derivation of individual demand curve using marginal utility?
how is a demand curve derived from individual demand curve ?
What is a demand curve and how it is different from demand function?
The demand curve demonstrates what happens when a product is demanded by customers. A demand function refers to an event that can affect the demand curve.
Market demand curve?
the market demand curve is the curve related to the demand of the commodity demanded by the group of people to the at different price.
What are the examples for exceptional demand curve?
Example of a Linear Demand Curve
