The Following Table Shows the Demand Schedules of Three Consumers

question 159

Multiple Choice

The following table shows the demand schedules of three consumers of wine. Assume that these three buyers constitute the entire market.

-Refer to the table above.If the market price of wine is $8 per bottle,and the market demand for wine is 19 bottles,David's consumption of wine is ________.

• A) 4 bottles
• B) 7 bottles
• C) 9 bottles
• D) 12 bottles

---

Definitions:

Exclusive Right

A privilege or license granted to an individual or company to be the sole seller or producer of a specific product in a certain market.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since its acquisition.

Trade-In Allowance

The amount credited to the buyer by the seller when a buyer trades in an old item towards the purchase of a new item.

Accumulated Depreciation

The cumulative depreciation expense recorded for an asset from the time it was operational, thereby lowering its recorded value in the balance sheet.