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Pete owns a farm that sells wheat in a purely competitive market. the firm’s demand curve is a horizontal line.
The demand curve, in economics, is a graphic illustration of the relationship between product rate and the quantity of the product demanded. it's far drawn with fee at the vertical axis of the graph and amount demanded on the horizontal axis.
In economics, a call for curve is a graph depicting the connection between the price of a certain commodity and the amount of that commodity this is demanded at that charge. call for curves may be used either for the price-amount dating for an character customer, or for all consumers in a specific market.
As described above, the general shape of a call for curve is that it is downward sloping. The call for curve for maximum, if now not all, goods conform to this principle. There may be rare examples of goods that have an upward-sloping call for curves. A great whose demand curve has an upward slope is referred to as a Giffen top.
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