2. Demand terminology Complete the following table by selecting the term that ma

Question

2. 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 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 A table showing the relaionship between the price of a good and the amount 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 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 he is conducting on the relationship between the price of soda and the quantity of soda demanded. He hands you the following document Price of Soda (Dollars per can) 0.50 0.75 1.00 1.25 Quantity of Soda Demanded (Billions of cans) 2,000 1,500 1,000 750 Your task is to take this and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda demanded decreases. This confirms the

Explanation / Answer

1. A graphical representation showing the relationship between the price of a good and the quantity demanded is called the - Demand curve.

2. The Claim that, other things being equal, the quantity demanded of a good falls when price rises is called the - Law of Demand.

3. A table showing the relationship between the price of a good and the quantity that buyers are willing and able to purchase at various prices is called - Demand Schedule.

4. The amount of good that buyers are willing and able to purchase at various prices is called - Quantity demanded.

Fill in the blanks:

Your task is to take this demand schedule and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity demanded ecreases. This confirms the law of demand.

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