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.
For example, if the price of the product is $10, the quantity demanded will be 100. As price increases to $20, demand will fall to 50, and when price further increases to $30 demand will fall to 25. Plotting these points on a graph will show a downward sloping demand curve from left to right. Supply Curve. Supply is the amount of goods and services that a producer is willing to supply to the market place for a given price.