Define Demand schedule
What is Demand schedule and how it is associated to demand curve?
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Demand schedule: The demand schedule is a table which exhibits the relationship among the price of a good and the quantity demanded. Demand curve is the downward-sloping line associating price and quantity demanded. The demand schedule and demand curve are associated since the demand curve is just a graph exhibiting the points in the demand schedule.
The demand curve slopes downward since of the law of demand—other things equivalent, whenever the price of a good increases, the quantity demanded of the good drops/falls. People purchase less of a good if its price increases both as they can’t afford to purchase as much and since they switch to buying other goods.
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When equilibrium moves from point a to point b in the figure shown below, the only market experiencing a reduction in quantity supplied is illustrated in: (1) Panel A. (2) Panel B. (3) Panel C. (4) Panel D. Q : Nations wealth Adam Smith disputed that Adam Smith disputed that a nation’s wealth is, not the gold it possesses, but instead its: (1) Total population. (2) Capability to offer goods for its people. (3) Domestic financial capital. (4) Foreign investments. (5) Military might.
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Definition of surplus: It is a condition in which quantity supplied is more than quantity demanded. To remove the surplus, producers will minimize the price till the market reaches to equilibrium.
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