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Part I. Fill in the blank

1. A demand schedule is a table that shows the quantity ____________ of a good or service at different price
levels.

2. A demand schedule will show the exact number of units of ________________ that will be bought at each
price.

3. _____________ states that as the price of a commodity falls, the corresponding demand increases and with
rise in price, the demand of the commodity decreases.

4. Demand schedules may be used to identify if other ___________ of demand are affecting the quantity
demanded.

5-8 Give the four importance of demand Schedule

Part ll. Word Bank

Direction: Choose the word from the word bank below that best matches each definition. Write your answer
before the number.

Government Policies Rationality of Consumers Law of Demand

Ceteris Paribus Pricing Strategies Inverse Relationship Diminishing Marginal Utility

9. It is a fundamental economic principle that describes the relationship between the price of a good or
service and the quantity demanded by consumers.

10. It is assumed that consumers act rationally and seek to maximize their utility, aiming for the most
satisfaction from their spending.

11. Businesses use the Law of Demand to set prices for their products or services, aiming to find the
equilibrium price that maximizes both profit and consumer satisfaction.

12. This concept suggests that as a consumer consumes more units of a good, the additional satisfaction
derived from each additional unit decreases,

13. Governments implement policies like taxation, subsidies, and price controls, which can influence consumer
behavior and market outcomes.

14. This is visually represented by a downward-sloping demand curve.

15. The Law of Demand assumes that all other factors influencing demand remain constant, including
consumer income, preferences, and prices of substitute or complementary goods.