Suppose the Market Demand Curve for a Good Passes Through

question 64

Multiple Choice

Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25) . If there are five buyers in the market, then

• A)the marginal buyer's willingness to pay for the 100^th unit of the good is $25.
• B)the sum of the five buyers' willingness to pay for the 100^th unit of the good is $25.
• C)the average of the five buyers' willingness to pay for the 100^th unit of the good is $25.
• D)all of the five buyers are willing to pay at least $25 for the 100^th unit of the good.

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Definitions:

Logos

A symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc.

Mental Reasoning

The cognitive process of drawing conclusions, solving problems, or making decisions based on logic.

Logos

An appeal to logic, referring to persuasive communication that employs reasoning and evidence.

Survival Needs

Basic requirements necessary for individuals to maintain life, such as food, water, shelter, and safety.