dollars per gallon of gasoline. We measure the quantity demanded in millions of gallons over some time period

(for example, per day or per year) and over some geographic area (like a state or a country). A demand curve

shows the relationship between price and quantity demanded on a graph like Figure 3.2, with quantity on the
horizontal axis and the price per gallon on the vertical axis. (Note that this is an exception to the normal rule in
mathematics that the independent variable (x) goes on the horizontal axis and the dependent variable (y) goes

on the vertical axis. Economics is not math.)

Table 3.1 shows the demand schedule and the graph in Figure 3.2 shows the demand curve. These are two

ways to describe the same relationship between price and quantity demanded.

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
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