Q se Homework (Ch 04) 2. Demand terminology Complete the following table by selecting the term that matches each definition. Quantity Demand Demand Demanded Curve A table showing the relationship between the price of a good and the amount that buyers are Schedule Demand willing and able to purchase at various prices Law of ] 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 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 L 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 he is conducting on the relationship between the price of almonds and the quantity of almonds demanded. He hands you the following document: Price of Almonds Quantity of Almonds Demanded (Dollars per can) (Billions of cans) 0.50 2,000 0.75 1,500 1.00 1,000 1.25 750 Your task is to take this v _mm and construct a graphical representation of the data. In doing so, you determine that as the price of almonds rises, the quantity of almonds demanded decreases. This confirms the v _m