Complete the following table by selecting the term that matches each definition Quantity Demand Demand Law of
Definition Demanded curve Schedule 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 amount of a good that buyers are willing and able to purchase at a given price
The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises
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 coworker Rina 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 Rina'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 a) a demand curve b) a demand schedule c) the law of demand using the data provided. However, if Rina's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a) a demand curve b) a demand schedule c) the law of demand would be more appropriate.