Please give a detailed solution with an explanation.For the 2 blank answers here are the options:Blank Answer #1:the quantity of combs demanded or a demand curve or a demand schedule or the law of demandBlank Answer #2:X or Y 10Demand9D861346.78910QUANTITY (Combs)Fortunately, you recognize that the line on this graph is. When your friend asks you which value representsthe quantity of combs demanded at a price of $8 per comb, you tell him the correct answer: the value represented by the letterPRICE (Dollars per comb) 1. Demand terminologyComplete the following table by selecting the term that matches each definition.QuantityDemandedDemandDemandLaw ofDefinitionCurveScheduleDemandThe amount of a good that buyers are willing and able to purchase at a given priceA table showing the relationship between the price of a good and the amount that buyers arewilling and able to purchase at various pricesThe claim that, with other things being equal, the quantity demanded of a good falls whenthe price of that good risesA graphobject showing the relaticbetween the price of a good and the amount ofthe good that buyers are willing and able to purchase at various pricesApply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.Your friend Sam struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it:

Answered: 1. Demand terminology Complete the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give a detailed solution with an explanation.
For the 2 blank answers here are the options:
Blank Answer #1:
the quantity of combs demanded or a demand curve or a demand schedule or the law of demand
Blank Answer #2:
X or Y

10
Demand
9
D
8
6
1
3
4
6.
7
8
9
10
QUANTITY (Combs)
Fortunately, you recognize that the line on this graph is
. When your friend asks you which value represents
the quantity of combs demanded at a price of $8 per comb, you tell him the correct answer: the value represented by the letter
PRICE (Dollars per comb)

1. Demand terminology
Complete the following table by selecting the term that matches each definition.
Quantity
Demanded
Demand
Demand
Law of
Definition
Curve
Schedule
Demand
The amount of a good that buyers are willing and able to purchase at a given price
A table showing the relationship between the price of a good and the amount that buyers are
willing and able to purchase at various prices
The claim that, with other things being equal, the quantity demanded of a good falls when
the price of that good rises
A graph
object showing the relatic
between the price of a good and the amount of
the good that buyers are willing and able to purchase at various prices
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Your friend Sam struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it:

Expert Solution

Step 1

The graph above is the demand curve. It shows the relationship between the price and the quantity that the consumer would buy at various prices.

The quantity is represented by value X for the price $8.

There is an inverse relationship between the price of a good and quantity demanded. This is because as the price increases, less and less consumers would be willing to buy the good.

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