Solved

The Market for Good X Consists of Only Two Consumers;

Question 21

Multiple Choice

The market for good X consists of only two consumers; their demand curves are given by Q = 10 - 0.10P and Q = 5 - 0.10P. What is the market demand curve?


A) QM = 15 - 0.2P if P ≥ $50, and QM = 5 - 0.10P if P < $50
B) QM = 15 - 0.2P if P ≥ $50, and QM = 10 - 0.10P if P < $50
C) QM = 15 - 0.2P if P < $50, and QM = 10 - 0.10P if P > $50
D) QM = 15 - 0.2P

Correct Answer:

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