Suppose the Market for Shoes Consists of Three Consumers What Is the Market Demand for Shoes When the Price

question 112

Multiple Choice

Suppose the market for shoes consists of three consumers. The accompanying table shows the quantity demanded at various prices for each consumer: $$\begin{array} { | c | r | r | r | } \hline \begin{array} { c } \text { Price } \\\text { Per Pair }\end{array} & \begin{array} { c } \text { Pairs Demanded } \\\text { by Pat }\end{array} & \begin{array} { c } \text { Pairs Demanded } \\\text { by Leigh }\end{array} & \begin{array} { c } \text { Pairs Demanded } \\\text { by Chris }\end{array} \\\hline \$ 100 & \mathbb { 0 } & 1 & 0 \\\hline \$ 75 & 0 & 3 & 1 \\\hline \$ 50 & 1 & 7 & 3 \\\hline \$ 30 & 2 & 10 & 5 \\\hline\end{array}$$  
What is the market demand for shoes when the price is $50 a pair?

• A)7 pairs
• B)11 pairs
• C)15 pairs
• D)It will depend on the quantity supplied when the price is $50 a pair.

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Definitions:

Patent

A legal right granted to an inventor that excludes others from making, using, selling, or importing the patented invention without permission.

2 Years

A common timeframe used in business planning and projections to evaluate performance and milestones.

Sole Proprietorship

A business structure where an individual owner operates the company and is personally responsible for its debts.

Personally Responsible

Taking ownership and accountability for one's actions and duties, being reliable in fulfilling obligations and commitments.