At Any Price,the Market Demand Curve

question 40

Multiple Choice

At any price,the market demand curve

• A) is flatter than the flattest individual demand curve.
• B) has a slope that is the average of the individual demand curve slopes.
• C) is steeper than the steepest individual demand curve.
• D) has a horizontal intercept equal to the average of the individual demand curve horizontal intercepts.

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Definitions:

Uniformly Distributed

A distribution where all outcomes are equally likely across the range of the distribution.

Random Variable

A variable whose possible values are outcomes of a statistical experiment and which can vary randomly.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Poisson Probability

A distribution used to predict the probability of a given number of events happening in a fixed interval of time or space, given a constant mean rate of occurrence.