What does a demand schedule illustrate?

A demand schedule illustrates the relationship between the price of a good and the quantity demanded. This schedule is typically presented in a tabular format, where one column lists different prices of a specific good and another column shows the corresponding quantity that consumers are willing to purchase at each price point.

This fundamental concept in microeconomics highlights the law of demand, which states that, ceteris paribus (holding other factors constant), as the price of a good decreases, the quantity demanded generally increases, and vice versa. Therefore, the demand schedule provides a clear view of how consumers' purchasing behavior changes in response to price variations, making it an essential tool for understanding market demand.

In contrast, the other options relate to different economic concepts that may involve demand but do not specifically define what a demand schedule is. For example, the relationship between supply and demand encompasses a broader economic interaction, while the total sales in a given market refers to overall market performance rather than individual consumer behavior related to specific prices. Lastly, shifts in consumer preferences pertain to changes in demand itself rather than illustrating the specific price-quantity relationship within a demand schedule.