A market is composed of three individuals, Nicholas, Benjamin, and Alexander. Their individual demand schedules are given below and are as follows: Based on this information, which of the following market demand schedules accurately portrays this market?

Question

A market is composed of three individuals, Nicholas, Benjamin, and Alexander. Their individual demand schedules are given below and are as follows:  Based on this information, which of the following market demand schedules accurately portrays this market?

Quizplus · Accepted Answer

To find the market demand schedule, we simply add the quantity demanded by each individual at each price level. For example, at a price of $4, Nicholas demands 6 units, Benjamin demands 4 units, and Alexander demands 9 units. Thus, the total quantity demanded at a price of $4 is 6 + 4 + 9 = 19. We can repeat this process for each price level to arrive at the market demand schedule. The only schedule that accurately reflects this information is option C.

A Market Is Composed of Three Individuals, Nicholas, Benjamin, and Alexander