Suppose the Market Demand Curve for a Good Passes Through

question 64

Multiple Choice

Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25) . If there are five buyers in the market, then

• A)the marginal buyer's willingness to pay for the 100^th unit of the good is $25.
• B)the sum of the five buyers' willingness to pay for the 100^th unit of the good is $25.
• C)the average of the five buyers' willingness to pay for the 100^th unit of the good is $25.
• D)all of the five buyers are willing to pay at least $25 for the 100^th unit of the good.

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Definitions:

T-butyl Iodide

An organic compound used in synthesis, characterized by an iodine atom bonded to a tertiary butyl group.

Isopropyl Chloride

A chlorinated hydrocarbon with the formula CH3CHClCH3, used as an organic solvent and chemical intermediate.

Major Organic Product

The primary substance produced in the highest yield from an organic chemical reaction.

Stepwise Mechanism

A chemical reaction pathway that occurs in multiple stages, with each step having its own transition state and intermediate.