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Name: Date: TERM DEFINITION Demand Demand Schedule Demand Curve Law of Demand Market Demand Utility Diminishing Marginal Utility Substitute Complement Demand Elasticity Explain: What is the term for a line plotted on a graph showing the quantities demanded of a good or service at each possible price? Explain: According to the law of demand, what would happen in a situation in which the average price of concert tickets rose from $40 to $80? Making Predications: You sell popcorn during your school’s football games. Knowing that people usually buy more when the price is lower, how would you price your popcorn after halftime?
