Question

Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand

1. A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices
2. A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices
3. The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises
4. The amount of a good that buyers are willing and able to purchase at a given price
5. Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
6. Your coworker Musashi is really concerned about a project that he has just been assigned. He is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report.
If Musashi's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct _____ using the data provided. However, if Musashi's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that ______ would be more appropriate.

Answer 1

1. Demand Curve

2. Demand Schedule

3. Law of Demand

4. Quantity Demanded

5.

6. Demand curve , demand schedule

Step-by-step explanation:

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

Due to the negative relationship between price and quantity demanded, the demand curve is negatively sloped.

The demand curve has the price on the vertical axis and quantity on the horizontal axis.

The demand schedule is a table showing price and quantity demanded.

here is an example of a demand schedule

price quantity demanded

$2 50

$4 100

$6 150