Supply and Demand Homework Ch (04)

Demand Curve

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

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

Quantity demanded

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

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

If Caroline'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

a demand curve

in a particular market. The following table shows their annual demand schedules:

add the two quantities demanded up as the new x-coordinates.

However, if Caroline's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that

demand schedule

In a perfectly competitive market, all producers sell _________goods or services. Additionally, there are______ buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price________

identical, many, takers

True or False: The market for wheat exhibits the two primary characteristics that define perfectly competitive markets.

true