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.If the market price of wine is $8 per bottle,and the market demand for wine is 19 bottles,David's consumption of wine is ________.

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.If the market price of wine is $8 per bottle,and the market demand for wine is 19 bottles,David's consumption of wine is ________.

Quizplus · Accepted Answer

At a market price of $8 per bottle, the total market demand is 19 bottles. The demand schedules of Mary and Susan indicate that they will each demand 3 bottles of wine at this price, totaling 6 bottles. Therefore, David's consumption would be 19-6=13 bottles. Looking at David's demand schedule, at a price of $8 per bottle, he will demand 7 bottles of wine. Therefore, the correct answer is B) 7 bottles.

The Following Table Shows the Demand Schedules of Three Consumers