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16 July, 06:11

1. Match the following terms with the options given in below:

a. A graphical representation of 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.

b. The amount of a good that buyers are willing and able to purchase at a given price

c. The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.

d. 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

Options:

O Quantity Demanded

O Demand Curve

O Demand Schedule

O Law of Demand

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Answers (1)
  1. 16 July, 07:34
    0
    A - Demand Curve - - - A graphical representation of 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.

    B - Quantity Demanded - - - The amount of a good that buyers are willing and able to purchase at a given price

    C - Law of Demand - - - The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.

    D - Demand Schedule - - - 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

    Explanation:

    A - The demand curve shows the marginal benefit of a good, that is, how much a consumer is willing to pay to buy a product or service. In normal cases, the demand curve negative and thus inclined downwards. In these cases, demand is price elastic. If, on the other hand, the demand curve is vertical, the same quantity is demanded regardless of price, which makes the product or service completely inelastic.

    B - The quantity demanded is the amount of a good that the population wants to buy, and depends on variables that influence the consumer's choice whether or not to purchase a good or service: its price, the price of other substitute or complementary goods, the consumer's income and the individual's taste or preference.

    C - In economics, the law of demand is a commonly used theorem, which in its simplest version states that the demand for a normal commodity decreases as its price increases. A good is said to be normal if an increase in income leads to more demand for the good.

    D - A demand schedule is a table that explains how demand reacts to a certain product according to the price at which it is offered.
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