Exhibit 3-1  Market Demand Suppose There Are Only Three People

question 69

Multiple Choice

Exhibit 3-1  Market demand Suppose there are only three people in the economy: Jane, Harry, and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3-1.The total quantity demanded of corn if the market price is $5 is ____.

• A) 3
• B) 25
• C) 17
• D) 8
• E) 26

---

Definitions:

Store Equipment

The fixtures, furniture, and machinery used in a retail operation to display and manage merchandise.

Normal Balance

A rephrased definition: The standard or expected balance side (debit or credit) of an account according to standard accounting principles.

Merchandise Inventory

Goods or products that a retailer, wholesaler, or distributor holds for the purpose of resale to customers.

Debit

An accounting entry that increases asset or expense accounts, or decreases liabilities or equity accounts, recorded on the left side of an accounting ledger.