Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 4 - Part II - The Market Forces of Supply and Demand - Questions for Review - Page 86: 2

Answer

The demand schedule is a table which represents the consumer demand for the product when it is offered at different price points. A demand curve is the same information in a graphical format. Thus, demand schedule and demand curve are two different ways of presenting the same data or information about how the demand of a good is related to its price. The demand curve slopes downwards because, when the price reduces, the demand for the product increases.

Work Step by Step

The explanation is given through the use of the figure attached.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.