This chart, often referred to as a demand schedule, illustrates the relationship between the amount of a product (in this case, graphic T-shirts) and the price a consumer is willing to pay. The prices of the T-shirts are listed in one column, while the corresponding quantity demanded at those prices is listed in the other column.
The key points to note are:
1. As the price per graphic T-shirt decreases, the quantity demanded increases.
2. Conversely, as the price per graphic T-shirt increases, the quantity demanded decreases.
This demonstrates the law of demand in economics, which states that, all else being equal, there is an inverse relationship between the price of a good and the quantity demanded by consumers.
Therefore, the correct interpretation of the chart is that it shows the relationship between the amount of a product (quantity of graphic T-shirts) and the price a consumer pays.
The correct answer is:
- amount of a product and the price a consumer pays
