Suppose Spencer and Kate Are the Only Two Demanders of Lemonade.Each

question 357

Multiple Choice

Suppose Spencer and Kate are the only two demanders of lemonade.Each month,Spencer buys six glasses of lemonade when the price is $1.00 per glass,and he buys four glasses when the price is $1.50 per glass.Each month,Kate buys four glasses of lemonade when the price is $1.00 per glass,and she buys two glasses when the price is $1.50 per glass.Which of the following points is on the market demand curve?

• A) (quantity demanded = 2, price = $1.50)
• B) (quantity demanded = 4, price = $2.50)
• C) (quantity demanded = 10, price = $1.00)
• D) (quantity demanded = 16, price = $2.50)

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Definitions:

Lower-Level Managers

Managers who are at the first or second layer of the management hierarchy, typically responsible for overseeing the day-to-day operations and reporting to higher-level managers.

Summary Report

A summary report compiles and summarizes the key points and findings from detailed reports, providing an overview of the presented data.

Decentralization

The distribution of decision-making powers and authority away from a central location or authority to local or individual actors.

Authority

The legal or rightful power or right to make decisions, give orders, and enforce rules within a particular scope or role.