Suppose There Are Only Two Consumers (A & B)of Good

question 74

Multiple Choice

Suppose there are only two consumers (A & B) of good X in the economy.At a price of $1 per unit consumer A demands 12 units and consumer B demands 24 units.The market demand for X at $1 per unit is:

• A)36 units.
• B)18 units.
• C)12 units.
• D)288 units.
• E)cannot be determined without knowledge of each consumer's marginal utility for the good.

---

Definitions:

Anecdotal Evidence

Information derived from personal stories, experiences, or observations, without scientific backing, often used to support or refute a claim or belief.

Parsimonious

Describing an approach that is simple or economical in nature, often used in scientific theories that prefer the simplest explanation.

Statistically Significant

A result or effect size in an experiment or study that is unlikely to have occurred by chance, indicating a meaningful difference or relationship.

Replicable

Describes a study or experiment whose results can be achieved again when the study is repeated under the same conditions.