Question

Use this chart to answer questions 10-11.

Price of a box of
Gobstoppers
$.50
$1.00
$1.50
$2.00
$2.50
$3.00
10. Which principle does this Market Demand Schedule demonstrate?
The Law of Demand
A.
ABCD
B.
C.
D.
Quantity Demanded Per
Day
350
300
250
200
150
100
A.
B.
C.
D.
Elasticity
Inelasticity
The Substitution Effect
11. How much more will the quantity demand be at $1.00 than at $3.00?
100
200
300
350

Answer 1

10.

The Market Demand Schedule demonstrates the Law of Demand.

11.

According to the Market Demand Schedule, the quantity demanded at $1.00 is 300, and the quantity demanded at $3.00 is 100. Therefore, the quantity demanded is 200 more at $1.00 than at $3.00. Answer: 200.