The Construction of a Market Demand Curve for a Private

question 87

Multiple Choice

The construction of a market demand curve for a private good differs from that for a public good in that

• A)there is no difference; in both cases the demand curve is determined by adding up the price each consumer is willing to pay for each quantity of the good.
• B)there is no difference; in both cases the demand curve is determined by adding up the quantities demanded by each consumer at each price.
• C)the market demand curve for a private good is determined by adding up the quantities demanded by each consumer at each price, but the market demand curve for a public good is determined by adding up the price each consumer is willing to pay for each quantity of the good.
• D)the market demand curve for a private good is determined by adding up the price each consumer is willing to pay for each quantity of the good, but the market demand curve for a public good is determined by adding up the quantities demanded by each consumer at each price.

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Definitions:

Mutual Causation

A concept where two or more factors influence each other in a cyclical manner, leading to outcomes that are interdependent.

Personality

The unique set of emotional, thought, and behavioral patterns that define an individual's personal style and influence their interactions with the environment.

Normal People

Typically refers to individuals or groups displaying common, average behavioral or psychological traits within a society.

Mental Institution

A facility for the treatment, care, and rehabilitation of individuals with mental health issues or disorders.