Refer to the Table Below Assume That the Market for IPods Has Only Two Consumers

question 22

Multiple Choice

Refer to the table below: $$\begin{array} { | l | l | l | } \hline \text { Price of iPods } & \text { Chuck's Demand } & \text { Ryan's Demand } \\\hline \$ 200.00 & 0 & 0 \\\hline \$ 170.00 & 1 & 0 \\\hline \$ 150.00 & 1 & 1 \\\hline \$ 120.00 & 2 & 1 \\\hline \$ 100.00 & 4 & 2 \\\hline \$ 70.00 & 5 & 3 \\\hline \$ 50.00 & 6 & 4 \\\hline \$ 20.00 & 7 & 4 \\\hline \$ 0.00 & 10 & 5 \\\hline\end{array}$$ Assume that the market for iPods has only two consumers: Chuck and Ryan. According the table above, if the price of an iPod is $85, the market will demand:

• A) 8 iPods.
• B) 6 iPods.
• C) 5 iPods.
• D) 28 iPods.
• E) 45 iPods.

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Definitions:

McGrath's Model

A theoretical framework proposed by Joseph E. McGrath that categorizes group tasks into four types: generating, choosing, negotiating, and executing, to understand and predict group performance and interaction.

Entitativity

The perception of a group as a single entity, possessing clear boundaries and a coherent identity.

Aggregate

A total or whole made up of distinct elements or individuals gathered together.

Morality

A system of values and principles concerning the distinction between right and wrong or good and bad behavior.