Figure 4.1
-Refer to Figure 4.1 that shows Mary and Tom's individual demand curves for meals per week at Fratelli's Italian Restaurant.Assuming Mary and Tom are the only consumers in the market,if the market quantity demanded is 3,the price must be

Question

Quizplus · Accepted Answer

To determine the market price when the quantity demanded is 3, we need to find the point where Mary and Tom's individual demand curves intersect. From the graph, we can see that Mary's demand curve intersects with Tom's demand curve at a quantity of 3 meals per week. At this point, the price is $15, which is where the market equilibrium price is. Therefore, the answer is C) $15.

Figure 4.1 -Refer to Figure 4.1 That Shows Mary and Tom's Individual