Suppose That Three Consumers Are in the Market for Good

question 112

Multiple Choice

Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is P_X = 40 - 5Q_X; Consumer 2's (inverse) demand is P_X = 10 - Q_X; and Consumer 3's (inverse) demand is P_X = 30 - 2Q_X. When P_X = $5, the market will demand:

• A) 15.5 units.
• B) -12 units.
• C) 24.5 units.
• D) None of the statements is correct.

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