I, lacking formal econ schooling, am confused by the diagram. It shows supply increasing as a direct function of price, which stands to reason. But it also shows demand declining as price is reduced, which makes no sense to me.
I, lacking formal econ schooling, am confused by the diagram. It shows supply increasing as a direct function of price, which stands to reason. But it also shows demand declining as price is reduced, which makes no sense to me.
I, lacking formal econ schooling, am confused by the diagram. It shows supply increasing as a direct function of price, which stands to reason. But it also shows demand declining as price is reduced, which makes no sense to me.
The quantity of demand (x axis) is increasing as the price (y axis) decreases
True dat. I get it now. Sorry; never mind!
P and Q are backwards from the way any engineer or scientist would do it.
FWIW I had the same initial response. Maybe that's why the diagram doesn't get taught ;) it needs to be 10x better.