Short Answer 
The relationship between demand and price for microwave ovens is represented by a negatively sloped demand curve, indicating that higher prices typically reduce quantity demanded. However, demand is somewhat elastic, meaning small price changes result in only minor adjustments in the quantity sought, reflecting consumer loyalty or necessity for these products.
1. Understanding the Demand Curve
The demand curve represents the relationship between the quantity demanded of a product and its price. In this case, we are examining the demand for microwave ovens. The x-axis indicates the quantity demanded while the y-axis shows the price of the product. This graphical representation helps visualize how demand fluctuates as prices change.
2. Analyzing the Slope
The demand curve for microwave ovens typically has a negative slope, indicating an inversely proportional relationship between price and demand. This means that as the price increases, the quantity demanded usually decreases. This inverse relationship is fundamental in understanding consumer behavior in market dynamics.
3. Recognizing Demand Sensitivity
As illustrated by the demand curve, the quantity demanded does not change dramatically with minor price adjustments. Instead, it shows that demand is somewhat elastic to price changes. In simpler terms, even if the price goes up slightly, the total quantity demanded may only decrease marginally, indicating consumers’ potential loyalty or necessity for microwave ovens.