Short Answer 
The relationship between price and demand for microwave ovens shows that as the price increases, the quantity demanded decreases, and vice versa, which is illustrated by a negatively sloped graph. Although demand does not fluctuate drastically with price changes, it is clear that pricing significantly influences consumer purchasing behavior.
1. Understanding Demand and Price
In the context of the microwave oven market, demand refers to how much of the product consumers are willing to buy at various price points. The relationship between demand and price is illustrated in a graph where the x-axis shows the quantity demanded, while the y-axis presents the price. This setup helps to visualize how changes in price affect the quantity of microwaves consumers desire.
2. Interpreting the Graph’s Slope
The graph depicting microwave oven demand typically has a negative slope, indicating an inverse correlation between price and demand. As prices rise, you will usually see a decrease in the quantity demanded. This reflects a common economic principle where higher prices tend to discourage purchases, while lower prices tend to encourage them.
3. Influence of Price Changes on Demand
The key insight from this graph is that quantity demanded changes slightly as the price varies. This means that while demand does not shift drastically with price changes, there is still a noticeable effect. In summary, if the price increases, consumers will buy fewer microwave ovens, and if the price decreases, they will buy more.