Suppose the Market Demand Curve for a Good Passes Through

question 492

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

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Definitions:

Delivery Of Food

The process of transporting prepared meals or food products from a source, such as a restaurant or grocery store, to a specified destination, often a customer's address.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with an unconditioned stimulus, triggers a conditioned response.

Impending Occurrence

An anticipated event that is about to happen or likely to occur in the near future.

Unconditioned Stimulus

In the context of classical conditioning, a stimulus that effortlessly and automatically provokes a response with no prior instruction.