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6 . Demand terminology Complete the following table by selecting the term that matches each definition. Quantity Demand Demand Law of Definition Demanded Curve Schedule

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6 . Demand terminology Complete the following table by selecting the term that matches each definition. Quantity Demand Demand Law of Definition Demanded Curve Schedule Demand The amount of a good that buyers are willing and able to purchase at a given O O O O price The claim that, with other things being equal, the quantity demanded of a O O O O good falls when the price of that good rises 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 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 O O O various prices Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your boss would like your help on a marketing research project she is conducting on the relationship between the price of juice and the quantity of juice demanded. She hands you the following document:Price of Juice Quantity of Juice Demanded (Dollars per can ) (Billions of cans) 0.50 2,000 0.?5 1,500 1.00 1,000 1.25 750 Your task is to take this demand schedule V and construct a graphical representation of the data. In doing so, you determine that as the price of juice rises, the quantity of juice demanded decreases. This conrms the law of demand V

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