ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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in picture form as a graph.
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in words.
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as a schedule listing prices and quantities demanded.
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None of the above
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Detailed explanation-1: -** The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve. The downward slope of the demand curve again illustrates the law of demand-the inverse relationship between prices and quantity demanded.
Detailed explanation-2: -In economics, a demand schedule is a table that shows the quantity demanded of a good or service at different price levels. A demand schedule can be graphed as a continuous demand curve on a chart where the Y-axis represents price and the X-axis represents quantity.
Detailed explanation-3: -Demand schedule shows the relationship between the price of a commodity and the quantity demanded. Law of Demand states that as the price of a commodity falls, the corresponding demand increases and with rise in price, the demand of the commodity decreases.
Detailed explanation-4: -The correct option is a) As the price of a good increases, the quantity demanded of that good decreases. The law of demand says that everything being constant; as the price of the good increases, then there will be a decline in the quantity demanded of that good.
Detailed explanation-5: -The Law of Demand states that there is an inverse relationship between the price and quantity demanded of a commodity, keeping other factors constant or ceteris paribus. It is also known as the First Law of Purchase.