<P> The above equation, when plotted with quantity demanded (Q x (\ displaystyle Q_ (x))) on the x (\ displaystyle x) - axis and price (P x (\ displaystyle P_ (x))) on the y (\ displaystyle y) - axis, gives the demand curve, which is also known as the demand schedule . The downward sloping nature of a typical demand curve illustrates the inverse relationship between quantity demanded and price . Therefore, a downward sloping demand curve embeds the law of demand . </P> <P> Note that "demand" and "quantity demanded" are used to mean different things in economic jargon . On the one hand, "demand" refers to the entire demand curve, which is the relationship between quantity demanded and price . Changes in demand are due to changes in other determinants (Y (\ displaystyle (\ mathbf (Y)))), such as the income of consumers . Therefore, "change in demand" is used to mean that the relationship between quantity demanded and price has changed . Alfred Marshall worded this as: </P> <P> When then we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price . </P> <P> Changes in demand is depicted graphically by a shift in the demand curve . On the other hand, "quantity demanded" refers to the quantity of goods consumers want for a given price, conditional on the other determinants . "Changes in quantity demanded" is depicted graphically by a movement along the demand curve . </P>

The law of demand states as the price rises quantity demanded (purchased) rises