Asked by Alexa Trischitta on Jun 18, 2024
Verified
The inverse demand curve P(x)for a good x measures the price per unit at which the quantity x would be demanded.
Inverse Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded, with price as a function of quantity demanded.
Quantity Demanded
It is the total amount of a good or service that consumers are willing and able to purchase at a specific price level.
- Comprehend the relationship between demand functions and their inverse forms.
Verified Answer
WZ
Wanlin ZhangJun 20, 2024
Final Answer :
True
Explanation :
This is a correct definition of the inverse demand curve. It shows the relationship between the price of a good and the quantity demanded by consumers. Normally, the demand curve shows the relationship between the price of a good and the quantity demanded, while the inverse demand curve shows the relationship between the quantity demanded and the price.
Learning Objectives
- Comprehend the relationship between demand functions and their inverse forms.