CLEP Marketing

Category - Pricing

A graph of the quantity of product purchased by customers in a market at all prices, given all other factors are held, is called a __________.
  1. Price curve
  2. Growth curve
  3. Demand curve
  4. Supply curve
  5. Supply-demand curve
Explanation
Answer: C - A graph of the quantity of product purchased by customers in a market at all prices, given all other factors are held, is called a demand curve. The graph shows that as product prices fall, customer demand increases. Typically, product demand depends on a number of factors, including product quality, distribution, and promotion. Changes in these factors have the potential to shift the demand curve.
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