The following table shows the demand schedules of three consumers of wine. Assume that these three buyers constitute the entire market.

-Refer to the table above.What is the market demand for wine when the price is $1?

Question

The following table shows the demand schedules of three consumers of wine. Assume that these three buyers constitute the entire market.
 
-Refer to the table above.What is the market demand for wine when the price is $1?

Quizplus · Accepted Answer

At a price of $1, you sum up the quantity demanded by all consumers at that price point. If the table (which is not visible in the question) shows individual demands that add up to 76 units at the $1 price, then the market demand would indeed be 76 units. Market demand is the total of all individual demands for a product at a given price.

The Following Table Shows the Demand Schedules of Three Consumers