There Are Five Hundred Buyers in the Market for Cheese

question 6

Multiple Choice

There are five hundred buyers in the market for cheese. If we know each individual's demand curves, to find the market demand we must

• A) add the prices that each buyer will pay at every quantity.
• B) add the quantities that each buyer will purchase at every price.
• C) give up because there is no way to find the market demand.
• D) average the price each buyer is willing to pay for each given quantity.
• E) multiply the price times quantity for each buyer and then add the resulting products together.

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Definitions:

Identical Twins

Twins who originate from a single fertilized egg that splits and develops into two separate embryos, sharing the same genetic makeup.

Zygote

The cell formed by the union of a sperm and an egg at the beginning of conception, representing the earliest stage of human development.

Fertilization

The process by which male and female reproductive cells (gametes) combine to produce a new cell (zygote) that will develop into a fetus.

Gene Expressions

The process by which the information encoded in a gene is used to direct the assembly of a protein molecule.