5. Demand terminology Complete the following table by selecting the term that matches each definition Quantity Demand Demand Law of Demanded Curve Schedule Demand Definition 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 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 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 coworker Ginny is really concerned about a project that she has just been assigned. She is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report. If Ginny\'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 used to construct this visual representation, you would instead advise your coworker that using the data provided. However, if Ginny\'s boss is more interested in the detailed num bers would be more appropriate
1. Demand Curve is a graphical object showing the relationship between the price of the good and the amount of the good that buyers are willing and able to purchase at various prices.
2.Law of Demand states that ,with other things bieng equal, the quantity demanded of a good falls when the price of that good rises.
3.Quantity Demanded is the amount of a good that buyers are willing and able to purchase at a given price .
4.Demand Schedule is the table showing the relationship between the price of the good and the amount that buyers are willing and able to purchase at various prices.
If Ginny\'s boss is interested in a graphical representation of the relationship between the price and quantity of telivision demanded , you would advise your coworker to construct Demand Curve using the data provided. However, if Ginny\'s boss is more interested in the detailed numbers used to construct this visual representaion, you would instead advise your coworker that Demand Schedule would be more appropriate.
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