This Graph Shows One Consumer's Demand for Ice Cream at the Student

question 56

Multiple Choice

This graph shows one consumer's demand for ice cream at the student union:
During a regular semester,there are 500 students.Each student's demand for ice cream is as depicted above.When the price of one scoop of ice cream is $2.00,those 500 students purchase a total of

• A)2,000 scoops of ice cream
• B)2,500 scoops of ice cream
• C)3,000 scoops of ice cream
• D)5,000 scoops of ice cream

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Definitions:

Interest Rate

The percentage of an amount of money charged for its use per some period of time, often expressed as an annual percentage rate.

Redeemed

The act of exchanging something such as a coupon, voucher, or financial security for its value in goods, services, or money.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Bond

A fixed income instrument representing a loan made by an investor to a borrower, typically corporate or governmental.