Questions: Demand terminology Complete the following table by selecting the term that matches each definition. Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises O O O O The amount of a good that buyers are willing and able to purchase at a given price O O 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 O O 的 O A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices O O ○ O 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 (Dollars per can) Quantity of Almonds Demanded (Billions of cans) 0.50 2,000 0.75 1,500 1.00 1,000 1.25 750

To complete the table with the correct demand terminology, let's match each definition with the appropriate term:

1. The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises: This definition corresponds to the Law of Demand. The Law of Demand states that, ceteris paribus, as the price of a good increases, the quantity demanded decreases, and vice versa.

2. The amount of a good that buyers are willing and able to purchase at a given price: This definition matches the term Quantity Demanded. Quantity demanded refers to the specific amount of a good that consumers are willing to buy at a particular price.

3. 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: This definition describes a Demand Curve. A demand curve is a graph that illustrates the relationship between the price of a good and the quantity demanded.

4. A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices: This definition fits the term Demand Schedule. A demand schedule is a table that lists the quantity of a good that consumers are willing to purchase at different prices.

Now, applying this understanding to the scenario provided:

Your boss has given you a document that lists the price of almonds and the corresponding quantity of almonds demanded. This document is an example of a Demand Schedule. It shows the relationship between the price of almonds and the quantity demanded at each price point.