Table 3-3

-Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 36 lbs.
B) 68 lbs.
C) 89 lbs.
D) 123 lbs.

Question

Table 3-3
 
-Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be
A) 36 lbs. 
B) 68 lbs. 
C) 89 lbs. 
D) 123 lbs.

Quizplus · Accepted Answer

The market demand is the sum of the individual demands. If Luke and Ravi's demands at $6 are added to the rest of the market's demand at the same price, the total is 89 lbs.

Table 3-3 -Refer to Table 3-3. the Table Above Shows the Demand