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WAEC Economics 1988 Question 7

Question 7

Theory of Demand

A demand schedule is

  1. A.a table containing the price of goods
  2. B.a table showing the relationship between price and quantity demanded of a commodity
  3. C.a table showing the consumer demand in order of importance
  4. D.the quantity of goods the consumer is prepared to buy.
  5. E.the market demand.
Show the answer and explanation

Answer: B (a table showing the relationship between price and quantity demanded of a commodity)

Explanation

A demand schedule is a table listing the quantities of a commodity demanded at different prices.