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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

What are the demand schedule and the demand curve, and how are they related? Why does the demand curve slope downward?

To determine
Demand curve and demand schedule and their relation.

Explanation

The demand schedule is a table that shows the relationship between the price of a good and the quantity demanded whereas the demand curve shows how the quantity of a good demanded depends on the price. Demand curve is a line which relates price and quantity demanded. The demand schedule and demand curve are related in such a way that demand curve depicts a graph showing the points in the demand schedule...

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