In the market for good X there are three buyers,Adam,Bill,and Carolyn.Adam buys 3 units of good X at $4,Bill buys 7 units of good X at $4,and Carolyn buys 8 units of good X at $4.One point on the market demand curve for good X consists of a price of _____________ and a quantity demanded of __________________ units.
A) $4; 10
B) $4; 18
C) $4; 15
D) $5; 8
E) none of the above

Question

Quizplus · Accepted Answer

The market demand curve represents the total quantity demanded by all consumers at various prices. Here, Adam buys 3 units, Bill buys 7 units, and Carolyn buys 8 units, all at $4. Adding these together gives a total of 18 units demanded at $4, making option B correct.

In the Market for Good X There Are Three Buyers,Adam,Bill,and