Which of the following is not held constant when constructing a demand schedule?

• A. The price of the good itself
• B. Prices of related goods
• C. Consumer income
• D. Tastes and preferences

Answer: (C)

Verified step by step guidance

1. Understand that when constructing a demand schedule, the goal is to show how the quantity demanded of a good changes as its own price changes, holding other factors constant.
2. Identify the factors that are typically held constant in a demand schedule: these include prices of related goods (substitutes and complements), consumer income, tastes and preferences, and expectations.
3. Recognize that the price of the good itself is the variable that changes in a demand schedule, so it is not held constant.
4. Note that consumer income is usually held constant to isolate the effect of the good's own price on quantity demanded.
5. Therefore, the factor that is NOT held constant when constructing a demand schedule is the price of the good itself, while consumer income and other factors remain constant.