In a Small Kansas Town, There Are Two Kinds of Gasoline

question 30

Multiple Choice

In a small Kansas town, there are two kinds of gasoline consumers: 100 Buick owners and 50 Dodge owners.Each Buick owner has the demand function D_b(p) = max{0, 20 - 5p} and each Dodge owner has the demand function D_d = max{0, 15- 3p}.In this town, the market demand curve has

• A)no kinks but gets steeper as price rises.
• B)no kinks but gets flatter as price rises.
• C)constant slope since individual demand curves have constant slope.
• D)a kink at p = 4 and another at p = 5.
• E)a kink at p = 35/8.

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