Asked by Xandrei Lugay on Jul 08, 2024
Verified
Answer the question on the basis of the following demand schedule: Quantity Price‾ Demanded‾$615243342516\begin{array}{l}\begin{array}{ccc}&\text { Quantity }\\\underline{\text { Price} } & \underline{\text { Demanded}} \\ \$6 & 1 \\5 & 2 \\4 & 3 \\3 & 4 \\2 & 5 \\1 & 6\end{array}\end{array} Price$654321 Quantity Demanded123456 Refer to the data.If this demand schedule were graphed,we would find that:
A) its slope diminishes as we move southeast down the curve.
B) its slope diminishes as we move northwest up the curve.
C) its slope is constant throughout.
D) the data are inconsistent with the law of demand.
Demand Schedule
A demand schedule is a table that shows the quantity of a good or service that consumers are willing to purchase at various price points.
Slope
The measure of steepness or incline, typically describing the change in the vertical over the change in the horizontal.
- Comprehend the connection between the price elasticity of demand and the gradient of the demand curve.
Verified Answer
HH
Heidy HernandezJul 13, 2024
Final Answer :
C
Explanation :
The demand schedule shows a constant change in quantity demanded for each unit change in price, indicating a constant slope throughout the graph.
Learning Objectives
- Comprehend the connection between the price elasticity of demand and the gradient of the demand curve.
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