1. Demand terminology Complete the following table by selecting the term that matches each denition. Quantity Demand Demand Law of Denition Demanded Curve Schedule Demand 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 O 0 0 various prioes A table showing the relationship between the price of a good and the amount 0 0 0 that buyers are willing and able to purchase at various prices The amount of a good that buyers are willing and able to purchase at a given , 0 O 0 price The claim that, with other things being equal, the quantity demanded of a O O 0 good falls when the price of that good rises Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your friend Janet struggles with understanding graphs. She shows you the following illustration and asks for your help interpreting it: . PRICE (Dollars par comb) 5 6 7 QUANTITY (Combs) a demand schedule the law of demand a demand curve the quantity of combs demanded Fortunately, you recognize that the line on this graph is a demand curve V . when your friend asks you which value represents the quantity of combs demanded at a price of $3 per comb, you tell her the correct answer: the value represented by the letter 3 IV . 10. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Huntington and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $570,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase Person (Dollars) Alyssa 500,000 Jake 700,000 Latasha 630,000 Nick 590,000 Rosa 550,000 Tim 510,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. CI Alyssa CI Jake D Latasha Nick Rosa Tim Assume that the three beachfront pa Id to the people that you indicated in the previous section. Suppose that a few days after the last of those be chfliontarcels is sold, anot ially identical beachfront parcel becomes available for sale at a minimum price of $560,000. This fourth WI n0 , WI parcel will not "7 be sold, because no one 7 will purchase it from the seller for at least the minimum price