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QUESTION:

Demand terminology

Complete the following table by selecting the term that matches each definition.
Definition
Quantity Demanded
Demand Curve
Demand Schedule
Law of Demand
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
The claim that, with 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 table showing the relationship between the price of a good and the amount 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 terminology.
Your boss would like your help on a marketing research project she is conducting on the relationship between the price of almonds and the quantity of almonds demanded. She hands you the following document:
Price of AlmondsQuantity of Almonds Demanded
(Dollars per can)(Billions of cans)
0.502,000
0.751,500
1.001,000
1.25750
Your task is to take this    and construct a graphical representation of the data. In doing so, you determine that as the price of almonds rises, the quantity of almonds demanded decreases. This confirms the    .

ANSWER:

Complete the following table by selecting the term that matches each definition.
Definition
Quantity Demanded
Demand Curve
Demand Schedule
Law of Demand
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
The claim that, with 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 table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices
Points:
1 / 1
Close Explanation
Explanation:
The quantity demanded of any good is the amount of the good that buyers are willing and able to purchase at a given price. This is different from a demand curve, which is a graph that shows the entire relationship between the price of a good and the quantity of the good demanded. A demand schedule, on the other hand, is a table that shows this relationship. The law of demand states that, other things being equal, the quantity demanded of a good falls when the price of the good rises. You can see the law of demand graphically in the downward-sloping demand curve.
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Your boss would like your help on a marketing research project she is conducting on the relationship between the price of almonds and the quantity of almonds demanded. She hands you the following document:
Price of AlmondsQuantity of Almonds Demanded
(Dollars per can)(Billions of cans)
0.502,000
0.751,500
1.001,000
1.25750
Your task is to take thisdemand schedule  Correct and construct a graphical representation of the data. In doing so, you determine that as the price of almonds rises, the quantity of almonds demanded decreases. This confirms thelaw of demand  Correct .
Points:
1 / 1
Close Explanation
Explanation:
The table your boss provided shows the relationship between the price of almonds and the amount of almonds that buyers are willing and able to purchase over a range of prices. This is known as a demand schedule. The graphical representation of these data is known as a demand curve. By plotting these data with price along the vertical axis and quantity along the horizontal axis, you see that the demand curve is downward sloping:
This indicates that the quantity of almonds demanded falls when the price of almonds rises, also known as the law of demand.

Posted by Cleveland on August 30, 2024
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