A demand schedule shows the quantities of goods that are _______.*1 pointA. bought at given prices at a timeB. supplied at given prices at a timeC. produced at given prices at a time.D. reserved for future consumption
Question
A demand schedule shows the quantities of goods that are _______.*1 pointA. bought at given prices at a timeB. supplied at given prices at a timeC. produced at given prices at a time.D. reserved for future consumption
Solution
A demand schedule shows the quantities of goods that are _______.
To answer this question, we need to understand what a demand schedule is and what it represents.
Step 1: Define a demand schedule A demand schedule is a table or a chart that shows the relationship between the price of a good and the quantity demanded of that good. It illustrates how the quantity demanded changes as the price of the good changes, holding all other factors constant.
Step 2: Analyze the options A. bought at given prices at a time This option suggests that a demand schedule shows the quantities of goods that are bought at given prices at a time. This aligns with the definition of a demand schedule, as it represents the relationship between price and quantity demanded.
B. supplied at given prices at a time This option suggests that a demand schedule shows the quantities of goods that are supplied at given prices at a time. However, a demand schedule focuses on the quantity demanded, not the quantity supplied. Therefore, this option is not correct.
C. produced at given prices at a time This option suggests that a demand schedule shows the quantities of goods that are produced at given prices at a time. However, a demand schedule represents the quantity demanded, not the quantity produced. Therefore, this option is not correct.
D. reserved for future consumption This option suggests that a demand schedule shows the quantities of goods that are reserved for future consumption. However, a demand schedule focuses on the current quantity demanded, not future consumption. Therefore, this option is not correct.
Step 3: Choose the correct answer Based on the analysis, the correct answer is A. bought at given prices at a time. A demand schedule shows the quantities of goods that are bought at given prices at a time.
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