Final answer:
A demand schedule is a table that shows the quantity demanded of a good or service at various prices, with the law of demand indicating that higher prices result in lower demand. This concept is fundamental in studying market dynamics and consumer behaviors.
Step-by-step explanation:
The blank in the student's question refers to a demand schedule, which is a table that lists a range of prices for a certain good or service and the quantity demanded at each price, assuming other factors remain constant. This schedule is vital for understanding consumer behavior within a market. The demand schedule is used to depict how the quantity demanded of a good or service changes in response to price changes, which is based on the law of demand. This law typically states that a higher price leads to a lower quantity demanded, and vice versa.
The concept of a basket of goods and services is related but different; it is a hypothetical set of consumer products used to track price changes over time and measure inflation. While the demand schedule focuses on one good or service, the basket contains multiple items that represent typical consumer purchases.