Exhibit 6-20 -Refer to Exhibit 6-20. If D, D' and D'' Represents

question 31

Multiple Choice

Exhibit 6-20
-Refer to Exhibit 6-20. If D, D' and D'' represents the demand curves for the only three consumers in a market, then the market quantity demanded at a price of $15 will be:

• A) 150
• B) 120
• C) 90
• D) 60
• E) 30

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Definitions:

Demand Function

A mathematical function showing the relationship between the quantity of a good demanded and its price, along with other determinants like consumer's income and prices of related goods.

Elasticity Of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating greater responsiveness.

Gallons

A unit of volume for liquid measure equal to four quarts, used in the US customary and British imperial systems.

Quarts

A unit of liquid volume measurement in the United States, equal to a quarter of a gallon or approximately 0.946 liters.