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Attempts Keep the Highest no score out of $2/2$

$2.$ Demand terminology

Complete the following table by selecting the term that matches each definition.

Definition

Quantity Demanded

Demand Curve

Demand Schedule

Law of Demand

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 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

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 friend Kenji struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it:

A graph plots a downward sloping demand curve through points $(0,10)$ and $(10,0)$ with price in dollars per mug on the y$-$axis ranging from $0$ to $10$ and mugs on the x$-$axis ranging from $0$ to $10.$ A point labeled D is given at $(2,8).$

$0$

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

$10$

$9$

$8$

$7$

$6$

$5$

$4$

$3$

$2$

$1$

$0$

PRICE $($Dollars per mug$)$

QUANTITY $($Mugs$)$

Demand

D

Y

X

Fortunately, you recognize that the line on this graph is $.$ When your friend asks you which value represents the quantity of mugs demanded at a price of $$8$ per mug, you tell him the correct answer: the value represented by the letter $.$