Table 4-3
The table shows individual demand schedules for a market.
$\begin{array}{|l|c|c|c|l|}
\hline \text { Price of the Good } & \text { Aaron } & \text { Angela } & \text { Austin } & \text { Alyssa } \
\hline \$ 0.00 & 20 & 16 & 10 & 8 \
\hline 0.50 & 18 & 12 & 6 & 6 \
\hline 1.00 & 14 & 10 & 2 & 5 \
\hline 1.50 & 12 & 8 & 0 & 4 \
\hline 2.00 & 6 & 6 & 0 & 2 \
\hline 2.50 & 0 & 4 & 0 & 0 \
\hline
\end{array}$
-Refer to the Table 4-3.What happens if the price increases from $1.00 to $1.50?

Question

Table 4-3
The table shows individual demand schedules for a market.
 $\begin{array}{|l|c|c|c|l|}
\hline \text { Price of the Good } & \text { Aaron } & \text { Angela } & \text { Austin } & \text { Alyssa } \
\hline \$ 0.00 & 20 & 16 & 10 & 8 \
\hline 0.50 & 18 & 12 & 6 & 6 \
\hline 1.00 & 14 & 10 & 2 & 5 \
\hline 1.50 & 12 & 8 & 0 & 4 \
\hline 2.00 & 6 & 6 & 0 & 2 \
\hline 2.50 & 0 & 4 & 0 & 0 \
\hline
\end{array}$
-Refer to the Table 4-3.What happens if the price increases from $1.00 to $1.50?

Quizplus · Accepted Answer

As seen in the table, at a price of $1.00, the total quantity demanded in the market is 25 units (14+10+2+5). When the price increases to $1.50, the total quantity demanded decreases to 18 units (12+8+0+4). This is a decrease of 7 units in the quantity demanded in the market. Therefore, the correct answer is D. Option A is incorrect as it suggests an increase in market demand which is not reflected in the table. Option B is incorrect as it suggests only a change in quantity demanded rather than the overall market demand. Option C is also incorrect as without additional information, we cannot predict individual demand changes.

Table 4-3 the Table Shows Individual Demand Schedules for a Market

Table 4-3
the Table Shows Individual Demand Schedules for a Market