Price (per gallon) Quantity Demanded (millions of gallons)

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

$2.20

800

700

600

550

500

460

420

TABLE 3.1 Price and Quantity Demanded of Gasoline
50 3 • Demand and Supply

FIGURE 3.2 A Demand Curve for Gasoline The demand schedule shows that as price rises, quantity demanded

decreases, and vice versa. We graph these points, and the line connecting them is the demand curve (D). The

downward slope of the demand curve again illustrates the law of demand—the inverse relationship between prices

and quantity demanded.

Demand curves will appear somewhat different for each product. They may appear relatively steep or flat, or

they may be straight or curved. Nearly all demand curves share the fundamental similarity that they slope

down from left to right. Demand curves embody the law of demand: As the price increases, the quantity

demanded decreases, and conversely, as the price decreases, the quantity demanded increases.
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