The Table Below Shows the Weekly Demand for Hamburgers in a Market

question 160

Multiple Choice

The table below shows the weekly demand for hamburgers in a market where there are just three buyers.
$$\begin{array} { | c | c | c | c | } \hline \text { Price } & \text { Buyer 1Qd 1 } & \text { Buyer 2 Qd 2 } & \text { Buyer 3 Qd 3 } \\\hline \$ 6 & 7 & 4 & 6 \\\hline 5 & 9 & 7 & 8 \\\hline 4 & 15 & 10 & 12 \\\hline 3 & 21 & 15 & 16 \\\hline\end{array}$$ Suppose now that there are 200 buyers in a market, each with a demand schedule identical to
Buyer 2 in the table above (no one is similar to either Buyer 1 or Buyer 3) . What would the weekly
Quantity of hamburgers demanded in the market at a price of $4 be?

• A) 8,000
• B) 2,000
• C) 7,400
• D) 4,000

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Definitions:

Economic Growth

An increase in a country's capacity to produce goods and services, reflected over time in a rise in the national income and standard of living.

Production Possibilities Curve

A graphical representation showing the maximum quantity of goods and services that can be produced within an economy given available resources and technology.

Unemployment Rate

The segment of individuals in the labor force who are not in employment but are looking for jobs actively.

Opportunity Cost

The value of the best alternative forgone when a decision is made to pursue a particular action or resource allocation.