The chart provided displays the relationship between the price per Graphic T-shirt and the quantity demanded by consumers. This type of chart, typically known as a demand schedule, illustrates how the price of an item affects the consumer's willingness to purchase different quantities of that item.
In this case, we observe the following pairs of price and quantity demanded:
- At a price of [tex]$5.00, the quantity demanded is 50 T-shirts.
- At a price of $[/tex]7.50, the quantity demanded is 40 T-shirts.
- At a price of [tex]$10.00, the quantity demanded is 30 T-shirts.
- At a price of $[/tex]12.50, the quantity demanded is 20 T-shirts.
- At a price of $15.00, the quantity demanded is 10 T-shirts.
Reviewing the information provided in the chart and the associated question options:
1. Interest in a product and the price a consumer pays.
2. Interest in a product and the price a producer pays.
3. Amount of a product and the price a consumer pays.
4. Amount of a product and the price a producer pays.
To determine the correct response, we consider the data points are based on quantities demanded by consumers at various price points. The demand schedule reflects how the price per Graphic Tee influences the quantity of the product that consumers are willing to purchase.
Given the numerical result, the correct answer is:
The chart shows the link between the amount of a product and the price a consumer pays.
