Reading a Demand Curve in Two Different Ways
Horizontal Reading: At a price of $20 per barrel, buyers are willing to buy 25 million barrels of oil per day.
Vertical Reading: The maximum price that demanders are willing to pay to purchase 25 million barrels of oil per day is $20 per barrel.
Horizontal Reading: At a price of $20 per barrel, buyers are willing to buy 25 million barrels of oil per day.
Vertical Reading: The maximum price that demanders are willing to pay to purchase 25 million barrels of oil per day is $20 per barrel.