Suppose the Market for a Good Is Composed of 1,000

question 45

Multiple Choice

Suppose the market for a good is composed of 1,000 identical consumers. The market's demand curve is given by Q_M = 150,000 - 25P. What is the equation for an individual consumer's demand curve?

• A) Q = 150,000,000 - 25,000P
• B) Q = 6,000,000 - 40P
• C) Q = 6 - 4P
• D) Q = 150 - 0.025

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Definitions:

Fallacies

Erroneous argumentative patterns or misleading reasoning that undermine the logic of an argument.

False

A term indicating that a statement or proposition does not align with reality or is incorrect.

Insufficient Basis

A flaw in reasoning or argumentation where the evidence or grounds provided are not adequate to support the conclusion drawn.

True

Accurate or consistent with fact or reality; not false.