Total market demand can be calculated by
A) horizontally summing individual demand curves at each and every price level.
B) vertically summing individual demand curves at each and every income level.
C) adding up the largest quantity demanded by each individual.
D) looking at the changes in the products' popularity.

Question

Quizplus · Accepted Answer

Total market demand refers to the amount of a good or service that all consumers in a market are willing and able to purchase at a given price level. To calculate this, we need to horizontally sum the individual demand curves of all consumers in the market at each price level. This gives us the total quantity demanded in the market at each price level, which we can use to construct the market demand curve.

Total Market Demand Can Be Calculated by