Chapter 7, Problem 11AA

To determine

To choose: The term that best completes the given sentence.

Answer to Problem 11AA

The term that best completes the given sentence is specific.

Explanation of Solution

A demand schedule is usually used in combination with an offer schedule showing the quantity of a product that suppliers will deliver to the market at a particular level of price.

The schedule of demand shows precisely how many products or service units are to be purchased at each time. The economists and policy maker analysts will build a demand curve using this data. Both the curve and the schedule define the price of a commodity and the amount of the necessary good relationship. Demand schedules help economists to visualize the demanded quantity at a market rate.

Economics Concept Introduction

Introduction: According to the demand law a higher price usually results in fewer demanded quantities. A supply schedule representing a numerical table that displays the amount supplied at different market rates.