Multiple Choice
Suppose there are three consumers in the market for chocolate bars: Don, John, and Ron.At a price of $2 per bar, the quantities demanded by each are 3, 2, and 1, respectively.At a price of $1.50 per bar, the quantities demanded by each are 4, 5, and 3, respectively.Which of the following reflects what will happen in this market?
A) The market demand curve for chocolate bars will NOT obey the law of demand.
B) The price decrease will cause the quantity demanded in this market to increase by 6.
C) The price decrease will cause John's demand curve to shift the most.
D) The price decrease will cause the quantity demanded to decrease by 6.
Correct Answer:
Verified
Correct Answer:
Verified
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