Future Business Leader Achievments (FBLA) Economics Practice Exam

What is a table of the prices of a good and its corresponding demand called?

1. A supply schedule

2. A demand curve

3. A production scale

4. A demand schedule

The correct answer is: A demand schedule

A table that lists the prices of a good along with the corresponding quantities demanded at those prices is referred to as a demand schedule. This type of table illustrates the relationship between price and demand, providing a clear view of how many units of a good consumers are willing to purchase at different price levels. In a demand schedule, as the price of a good decreases, the quantity demanded typically increases, representing the law of demand. This visual representation helps businesses and economists analyze consumer behavior and predict how changes in price will affect overall demand. Understanding the demand schedule is crucial for setting prices and determining optimal production levels to meet consumer needs effectively.