Refer to the accompanying figure. If Laura and Chris are the only two consumers in this market, then when the price of hamburger decreases from $2.50 to $2.00 per pound, the quantity demanded in the market will ________ by ________ pound(s)per week.
A)decrease; 1.5
B)increase; 1.5
C)decrease; 1
D)increase; 1

Question

Refer to the accompanying figure. If Laura and Chris are the only two consumers in this market, then when the price of hamburger decreases from $2.50 to $2.00 per pound, the quantity demanded in the market will ________ by ________ pound(s)per week. 
A)decrease; 1.5 
B)increase; 1.5 
C)decrease; 1 
D)increase; 1

Quizplus · Accepted Answer

At a price of $2.50 per pound, the market demand for hamburger is 4.5 pounds per week (1.5 by Laura and 3 by Chris), and at a price of $2.00 per pound, the market demand for hamburger is 6 pounds per week (2 by Laura and 4 by Chris). So, when the price falls from $2.50 to $2.00, market demand increases by 1.5 pounds per week.

Refer to the Accompanying Figure