Sure, let's analyze the given chart which displays data on the price per graphic tee and the corresponding quantity demanded. The key here is to carefully read and understand the information provided in the table as well as the options for the explanation.
We start by breaking down the information:
1. The first column of the table lists the "Price per Graphic Tee."
2. The second column lists the "Quantity Demanded" at each price point.
This tells us how many graphic tees consumers will buy at different prices.
Next, we examine the options for the correct description:
1. Interest in a product and the price a consumer pays.
- This option mentions "interest," which is a bit vague. The table specifically shows quantities demanded (how much consumers are willing to buy), not just an abstract interest.
2. Interest in a product and the price a producer pays.
- This option is incorrect because it mentions the "price a producer pays," which isn't relevant to the information given. The table shows consumer prices, not producer costs.
3. Amount of a product and the price a consumer pays.
- This option matches well with the table. "Amount of a product" corresponds to "Quantity Demanded," and "price a consumer pays" corresponds to "Price per Graphic Tee." This seems to accurately describe the table.
4. Amount of a product and the price a producer pays.
- This option is incorrect for the same reason as the second option. It refers to the price a producer pays, which the table does not provide information about.
Given the analysis above, the correct description that matches the chart data is:
The chart shows the relationship between the amount of a product and the price a consumer pays.
Thus, the correct answer is option 3: "amount of a product and the price a consumer pays."
