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Supply and Demand: Mastery Test

Which phrase defines a demand schedule?

A. a chart showing the impact of demographic changes on demand

B. a table showing the quantity demanded for a good at different prices

C. a graph tracking the increase in demand at decreasing prices

D. a report analyzing factors causing a change in demand for goods



Answer :

GinnyAnswer

Final answer:

A demand schedule is a table that shows the quantities of a good or service demanded at different prices, focusing on the relationship between price and quantity demanded.


Explanation:

Demand schedule is a table that shows the quantities of a good or service demanded at different prices during a particular period, all other things unchanged.

To introduce the concept of a demand schedule, let us consider the demand for coffee in the United States. We will ignore differences among types of coffee beans and roasts, and speak simply of coffee.

The table in Figure 3.1 shows quantities of coffee that will be demanded each month at prices ranging from [tex]$9 to $[/tex]4 per pound; the table is a demand schedule. We see that the higher the price, the lower the quantity demanded.


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