In a typical demand schedule, quantity demanded ______.

varies directly with price

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varies proportionately with price

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varies inversely with price

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is independent of price

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Solution

The correct option is B varies inversely with price

The demand schedule is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.

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Why is there an inverse relationship between the price of a commodity and its quantity demanded?

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