It shows a relationship between quantity and price, in a competitive market
The slope of the demand curve is always negative, because the relationship between P and Q is negative
It is curved, because quantity demanded does not change evenly, as price changes.
To some extent, demand is inelastic, and so people will demand some, even if the price goes quite high
Price elasticity: but elasticity changes at different points on the same curve; it is shown by the slope (steep = inelastic)
Shows the quantity demanded at various prices
The quantity demanded is the quantity that buyers are willing and able to purchase at a particular price
Increase in demand is a rightwards shift, decrease a leftward shift