If Consumer 1 Has the Demand Function X₁ = 1,000

question 14

True/False

If consumer 1 has the demand function x₁ = 1,000 - 2p and consumer 2 has the demand function x₂ =500 - p, then the aggregate demand function for an economy with just these two consumers would be x =1,500 - 3p for p < 500.

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Definitions:

Private Wrong

A legal injury or violation affecting an individual or a specific entity, as opposed to the public or society at large.

Tort Suit

A legal action enabling a person to seek damages against another for a wrongful act that caused harm or loss.

Criminal Actions

Legal proceedings brought by the state against individuals or entities accused of violating criminal laws.

Public Wrongs

Acts or omissions that violate public laws and are considered offenses against the state or society, typically referred to as crimes.