What is a graph that shows the quantities of a particular good or service that consumers will demand at various prices called?

Prepare for the UCF ECO2013 Principles of Macroeconomics Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

A graph that shows the quantities of a particular good or service that consumers are willing to purchase at various prices is known as a demand curve. This concept is central to understanding consumer behavior in economics. The demand curve typically slopes downward from left to right, indicating that as the price of a good or service decreases, the quantity demanded by consumers generally increases, reflecting the law of demand.

In this context, it effectively captures the relationship between price and quantity demanded, allowing economists and businesses to analyze market dynamics and make informed decisions. Other options, while relevant in the study of economics, serve different functions: for example, a total cost graph relates to production costs rather than consumer demand, a supply curve illustrates producer behavior concerning different price points, and a market equilibrium graph displays the intersection of supply and demand, showing where the market balances at a specific price and quantity. Thus, the demand curve is specifically designed to illustrate consumer demand, making it the correct choice.

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