Suppose That Three Consumers Are in the Market for Good

question 67

Multiple Choice

Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is P_X = 20 - Q_X; Consumer 2's (inverse) demand is P_X = 20 - 2Q_X; and Consumer 3's (inverse) demand is P_X = 20 - 4Q_X. When P_X = $10, the market will demand:

• A) 17.5 units and the inverse market demand curve is P_X = 20 - 0.5714Q_X.
• B) -30 units and the inverse market demand curve is P_X = 60 - 7Q_X.
• C) 17.5 units and the inverse market demand curve is P_X = 60 - 7Q_X.
• D) None of the statements is correct.

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Definitions:

Power Factor

The ratio of real power flowing to the load to the apparent power in the circuit in electrical engineering, measuring the efficiency with which the current is converted into useful work.

Phase Angle

The angle or phase difference between two waveforms or signals, often measured in degrees.

Circuit Current

The flow of electric charge in a complete or partial electrical circuit.

Series RC

A circuit configuration where a resistor and a capacitor are connected in a linear sequence, affecting the overall impedance and phase angle.