Economics · Theory of Demand

Which of the following statements is INCORRECT in the context of the demand function?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The demand curve, in general, is downward sloping.
2In the demand function, the dependent variable is the quantity demanded.
3In the standard price-demand function, the independent variable plotted on the vertical axis is the income of the consumer.✓
4The demand curve depicts the quantity demanded by the consumer at different prices.

Correct answer

In the standard price-demand function, the independent variable plotted on the vertical axis is the income of the consumer.

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