The chart provided relates two key components: the price per graphic T-shirt (shown in dollars) and the quantity demanded (the number of T-shirts consumers are willing to purchase at each price point).
Let's analyze each part of the chart to draw the correct conclusion:
1. Price per Graphic Tee: This column lists the price that consumers must pay to purchase a single graphic T-shirt. For example:
- At a price of [tex]$5.00 per T-shirt, consumers want to buy 50 T-shirts.
- At a price of $[/tex]7.50 per T-shirt, consumers want to buy 40 T-shirts.
- And so on, decreasing the quantity demanded as the price increases, indicating an inverse relationship between price and quantity demanded.
2. Quantity Demanded: This column lists the number of graphic T-shirts that consumers are willing to buy at each given price. It represents consumer interest at different price levels. This shows a direct utility of the product to consumers, dependent on price.
Given this relationship between the price and the quantity demanded, we can conclude that the chart demonstrates how the amount of a product influences the price a consumer is willing to pay.
Thus, the correct interpretation of the chart is:
- Amount of a product and the price a consumer pays.
This option accurately captures the link presented in the chart, relating the quantity of graphic T-shirts consumers will buy to the price they must pay for each T-shirt.
