In the market for good X there are three buyers, Adam, Bill, and Carolyn. Adam buys 3 units of good X at $4, Bill buys 7 units of good X at $4, and Carolyn buys 8 units of good X at $4. One point on the market demand curve for good X consists of a price of _____________ and a quantity demanded of __________________ units.
A)$4; 10
B)$4; 18
C)$4; 15
D)$5; 8

Question

Quizplus · Accepted Answer

The market demand curve is the sum of all individual demands at a given price. At $4, Adam buys 3 units, Bill buys 7 units, and Carolyn buys 8 units, totaling 18 units.

In the Market for Good X There Are Three Buyers