Problem
A. What does the Law of Demand state?
B. Explain the difference between a demand schedule and a demand curve. Would there be a reason to use one rather than the other?
C. Explain the concept of marginal utility. Why is diminishing marginal utility important to the demand curve?
D. Define a change in quantity demanded, and describe what causes it.
E. What is the difference between elastic demand and inelastic demand?