Suppose There Are Three Consumers in the Market for Chocolate

question 102

Multiple Choice

Suppose there are three consumers in the market for chocolate bars: Don, John, and Ron.At a price of $2 per bar, the quantities demanded by each are 3, 2, and 1, respectively.At a price of $1.50 per bar, the quantities demanded by each are 4, 5, and 3, respectively.Which of the following reflects what will happen in this market?  

• A) The market demand curve for chocolate bars will NOT obey the law of demand. 
• B) The price decrease will cause the quantity demanded in this market to increase by 6. 
• C) The price decrease will cause John's demand curve to shift the most. 
• D) The price decrease will cause the quantity demanded to decrease by 6.

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Definitions:

Generating Options

Generating options involves creating a range of potential solutions or courses of action in decision-making or problem-solving situations, enabling the consideration of various strategies before selecting the best one.

Negotiation Approach

Strategies and tactics used to arrive at a mutual agreement between parties with differing interests.

Conflict Management Style

Refers to the specific approach or methodology an individual uses to handle disputes and disagreements in interpersonal or group settings.

Expertise

A high level of knowledge or skill in a particular field or domain, often acquired through experience or education.