If Consumer 1 Has the Demand Function X₁ = 1,000

question 14

True/False

If consumer 1 has the demand function x₁ = 1,000 - 2p and consumer 2 has the demand function x₂ =500 - p, then the aggregate demand function for an economy with just these two consumers would be x =1,500 - 3p for p < 500.

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Definitions:

Crowdfunding

Gathering small sums of money from many people to finance a project or endeavor, commonly done online.

Bootstrapping

A method where entrepreneurs start their company with minimal capital, relying on personal finances and revenue from the business rather than seeking external investment.

Formal Fundraising

involves organized efforts to gather financial contributions from individuals, organizations, or governments, typically for nonprofit organizations or specific causes.

Crowdsourcing

A technique of acquiring knowledge, thoughts, or content by appealing for contributions from an extensive group of individuals, often through the internet community.