1. Demand terminology Complete the following table by selecting the term that matches each definition. Quantity Demand Demand Law of Definition Demanded Curve Schedule Demand A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at O O O O various prices A table showing the relationship between the price of a good and the amount O O O O that buyers are willing and able to purchase at various prices The claim that, ceteris paribus, the quantity demanded of a good falls when O O O O the price of that good rises The amount of a good that buyers are willing and able to purchase at a given O O O O price Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your friend Hubert really struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it: (? 10 Demand Co PRICE (Dollars per notebook) N 2 5 7 10 QUANTITY (Notebooks) Fortunately, you recognize that the line on this graph is a demand schedule . When your friend asks you which value represents the quantity of notebooks demanded at a price of $4 per notebook, you tell him the value represented by the letter X _