In microeconomics, what is a market demand schedule?

• A. A table showing the quantities demanded by all consumers in a market at various prices during a given period of time
• B. A list of the nonprice determinants of demand (such as income and tastes) without relating them to price and quantity
• C. A graph showing how market price is determined by the intersection of supply and demand
• D. A table showing the quantity supplied by a single firm at various prices during a given period of time

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the concept of 'demand' in microeconomics, which refers to the quantity of a good or service that consumers are willing and able to purchase at different prices during a specific time period.
2. Step 2: Recognize that a 'market demand schedule' aggregates the demand of all individual consumers in the market, showing how total quantity demanded varies with price.
3. Step 3: Identify that a market demand schedule is typically presented as a table listing various prices alongside the corresponding total quantities demanded by all consumers at those prices.
4. Step 4: Differentiate the market demand schedule from other concepts such as nonprice determinants of demand (which affect demand but are not shown in the schedule), supply schedules (which show quantities supplied, not demanded), and demand-supply graphs (which visually represent equilibrium but are not schedules).
5. Step 5: Conclude that the market demand schedule is best described as a table showing quantities demanded by all consumers at various prices during a given period, capturing the relationship between price and total market demand.