vitÂ·riÂ·fy (vÄ­tâ²rÉ-fÄ«â²) v. vitÂ·riÂ·fied, vitÂ·riÂ·fyÂ·ing, vitÂ·riÂ·fies v.tr. To change or make into glass or a glassy substance, especially through heat fusion. v.intr. To become vitreous.
We draw a demand curve to show the relationship between the price of the good and the quantity that consumers are willing to buy. For example, suppose people are willing to buy 20 pounds of strawberries at a price of $2, but are willing to buy 30 pounds if the price falls to $1.
The demand and supply curves are graphical representations of the law of demand and law of supply and demonstrate how quantity supplied and demanded change with changes in price. The following article provides an overview of supply and demand in general and explains the differences between demand and supply curves. Demand Curve Demand is defined as the desire to purchase goods and services backed by the ability and willingness to pay a price.