Market demand refers to the total demand for a product or service from all consumers in a given market, not just a single buyer, and it typically varies inversely with price, meaning it is represented by a downward-sloping curve, not an upward-sloping one.

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Market Demand Is

Question 34

Multiple Choice

Market demand is:

A) the total amount of a product demanded by a single buyer at all possible prices.
B) the total amount of a product demanded by all buyers in a market at various prices.
C) represented by an upward-sloping curve because more goods are desired at higher prices than at lower prices.
D) represented by an upward-sloping curve, while the demand by a single buyer is represented by a downward-sloping curve.

Correct Answer: