Suppose there are three buyers in the market for bottled water.At a price of $2 per bottle,Jerry demands 23 bottles,Elaine demands 14 bottles,and Kramer demands 7 bottles.One point on,the market demand curve for bottled water is
A)price = $2 and quantity = 23 bottles
B)price = $88 and quantity = 44 bottles
C)price = $88 dollars and quantity = 14 bottles
D)price = $2 and quantity = 44 bottles
E)impossible to determine from the information given

Question

Quizplus · Accepted Answer

The market demand curve is the horizontal sum of individual demand curves. At a price of $2 per bottle, Jerry, Elaine, and Kramer demand 23, 14, and 7 bottles respectively, for a total quantity demanded of 23+14+7 = 44 bottles. Therefore, the market demand curve is represented by the point where the price is $2 and the quantity demanded is 44 bottles, which is option D.

Suppose There Are Three Buyers in the Market for Bottled