Table 3-2 -Refer to Table 3-2.The Table Above Shows the Demand Schedules

question 122

Multiple Choice

Table 3-2

-Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market.If the price of caviar falls from $45 to $35, the market quantity demanded would

• A)decrease by 50 oz.
• B)increase by 70 oz.
• C)increase by 50 oz.
• D)decrease by 70 oz.

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Definitions:

Absolute Value

The non-negative value of a number without regard to its sign.

Slope

In mathematics and economics, the measure of the steepness or incline of a line, indicating the rate of change of one variable with respect to another.

Indifference Curves

A graph showing different bundles of goods between which a consumer is indifferent, illustrating preferences and trade-offs.

Budget Constraint

The constraint on the collection of goods or services a consumer is able to purchase, determined by their income and the cost of those goods or services.