The following figure shows the demand curves for pens for two consumers.
Assuming that the market consists of only these two consumers,what is the market demand for pens when the price is $4?
Definitions:
GDP Price Index
A measure that tracks changes in prices of all goods and services produced within a country and is used to calculate real GDP.
Base Year
A specific year chosen as a reference point for financial or economic data comparison over time.
Inflation
The speed at which prices for goods and services generally ascend, wearing away the power to purchase.
Base Year
A specific year against which economic growth is measured, serving as a standard or benchmark.
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