Assume That a Market Demand Curve Is Constructed from One

question 5

Multiple Choice

Assume that a market demand curve is constructed from one hundred identical individual demand curves.Assume also that at a price of $4,the elasticity of individual demand is 0.6.Then the elasticity of the market demand curve derived from these individual demand curves must be:

• A)0.6.
• B)any value more than 0.6.
• C)any value less than 0.6.
• D)60.

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Definitions:

Harriett Beecher Stowe

An American author and abolitionist, best known for her novel "Uncle Tom's Cabin," which highlighted the harsh realities of slavery and galvanized anti-slavery sentiments before the American Civil War.

Abolition of Slavery

The legal and formal act of ending the practice of forcing individuals into servitude against their will.

James Fennimore Cooper

An early 19th-century American writer, celebrated for his historical novels of frontier and Native American life, notably the "Leatherstocking Tales."

Western Settlement

The expansion and settlement of Americans into the western territories of the United States, particularly during the 19th century, often involving conflict with indigenous populations.