Which of the following statements is true?
A) To an economist,demand is different from quantity demanded.
B) A demand schedule is the numerical tabulation of the law of demand.
C) A demand curve is the graphical representation of the direct relationship between price and quantity demanded.
D) a and b
E) a,b,and c

Question

Quizplus · Accepted Answer

A) is true because "demand" refers to the entire relationship between price and quantity demanded for a good or service, while "quantity demanded" refers to the specific amount of that good or service that consumers are willing and able to purchase at a particular price. B) is also true because a demand schedule indeed provides a numerical tabulation of the quantities of a good that consumers are willing and able to buy at different prices, illustrating the law of demand, which states that there is an inverse relationship between price and quantity demanded. C) is false because the demand curve actually shows the inverse relationship between price and quantity demanded, not a direct relationship.

Which of the Following Statements Is True