Ch 04) x Mind lap- Cengage Lear X -) . Secure l https://ng.cengage.com/static/nb

Question

Ch 04) x Mind lap- Cengage Lear X -) . Secure l https://ng.cengage.com/static/nb/u/evo/index.htrnn MINDTAP ld-5673661934083050325179804843&elSBN-97813370965778id-3509 Homework (Ch 04) Back to Assignment Attempts: Average: 12 2. Demand terminology Complete the following table by selecting the term that matches each definition. Quantity Demand De 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 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 daim that, with other things being equal, the quantity demanded of a good fails when the price of that good rises

Explanation / Answer

a) The statement represents the Demand curve.

c) The statement represents the quantity demanded.

Quantity demanded is a total amount of goods or services demanded at a particular time.

Quantity demanded depends on the price of a product or service in the market.

Quantity demanded is directly proportional to the law of demand stating that the price and demand are related to each other.

b)The statement represents the demand schedule

d) The statement represents the law of demand.

Law of demand states that when all else being equal,

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