3. What information can a business owner obtain from a demand schedule and a demand curve?

How much consumers are willing to buy of a product at various possible prices.

Explanation:

In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.

Demand can be defined as the total amount of goods or services that consumers are willing and able to purchase at a given price.

The Law of Demand states that quantity of goods or services demanded varies inversely with their price, other things constant or being equal. Thus, the smaller the quantity of goods or services demanded, the higher the price and vice-versa.

An aggregate demand curve gives a negative relationship between the aggregate price level for goods or services and the quantity of aggregate output demanded in an economy at a specific period of time.

Hence, the information a business owner can obtain from a demand schedule and a demand curve is the quantity or amount of goods consumers are willing to buy at various possible prices.

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