Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8, the quantity demanded for each person is 5. When the price is $4, the quantity demanded for each person is 9. Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is $6?

Question

Quizplus · Accepted Answer

At $6, the quantity demanded per person is likely between 5 and 9. Assuming a linear demand curve, the midpoint is 7. With 100 consumers, the market demand is 700.

Suppose There Are 100 Consumers with Identical Individual Demand Curves