$2.$ 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 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 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 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

Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.

Your coworker Larry is really concerned about a project that he has just been assigned. He is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report.

If Larry'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 using the data provided. However, if Larry's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that would be more appropriate.