Suppose that at a price of 25 cents per orange, 500 consumers each demand 4 oranges, and at a price of 20 cents per orange, 750 consumers each demand 5 oranges. Therefore, the market demand for oranges is ________ at a price of 25 cents per orange and ________ at a price of 20 cents per orange.

Question

Quizplus · Accepted Answer

A price of 25 cents per orange, the quantity of oranges demanded in the market is 2,000 (= 200 × 4), and at a price of 50 cents per orange, the quantity of oranges demanded in the market is 3,750 (= 750 × 5).

Suppose That at a Price of 25 Cents Per Orange