For the first blank we have the optoins: 1. Law of Demand 2. A demand Schedual 3
ID: 1168140 • Letter: F
Question
For the first blank we have the optoins:
1. Law of Demand
2. A demand Schedual
3. A demand Curve
For the two blank we have the optoins:
1. A demand Curve
2. A demand Schedual
3. Law of Demand
1. Demand terminology Complete the following table by selecting the term that matches each definition Quantity Demand Demand Law of Demanded Curve Schedule Demand Definition 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 The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises The amount of a good that buyers are willing and able to purchase at a given price A graphical representation of 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 Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminolog)y. Your coworker Beth is really concerned about a project that she has just been assigned. She is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report. If Beth's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct used to construct this visual representation, you would instead advise your coworker that using the data provided. If, however, Beth's boss is more interested in the detailed numbers would be more appropriate.Explanation / Answer
A table showing the relationship between the price of good and the amount that buyers are willing and able to purchase at various prices is Demand Schedule.
The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises is the Law of Demand.
The amount of a good that buyers are willing and able to purchase at a given price is Quantity Demanded.
A graphical representation of 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 is the Demand Curve.
If Beth’s boss is interested in a graphical presentation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct a demand curve using the data provided. If, however, Beth’s boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a demand schedule would be more appropriate.