Question

Marty just finished creating a market demand schedule for his hardware store. Which of the following is he most likely trying to determine?
A. How many tools he sold last year to his customers.
B. Which contractors are the best customers of his products.
C. How many tools are sold to all consumers in the market at various prices.
D. Which of his competitors is the greatest threat to his business.

Answer 1

He is most likely trying to determine how many tools are sold to all consumers in the market at various prices.

Answer: Option C

Explanation:

Marty by creating a market demand schedule trying to figure out number of tools are purchased by consumers and with price variations. He is doing it by tabulating the data and in this analysis the respective value for any commodity on demand schedule result into total quantities required by consumers at particular price.

Although the graphical demonstration of such data is given through demand curve and usually the relationships between the prices and the number of commodity required is just opposite to each other.