Suppose That Three Consumers Are in the Market for Good

Multiple Choice

Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is P_X = 20 - Q_X; Consumer 2's (inverse) demand is P_X = 20 - 2Q_X; and Consumer 3's (inverse) demand is P_X = 20 - 4Q_X. When P_X = $10, the market will demand:

A) 17.5 units and the inverse market demand curve is P_X = 20 - 0.5714Q_X.
B) -30 units and the inverse market demand curve is P_X = 60 - 7Q_X.
C) 17.5 units and the inverse market demand curve is P_X = 60 - 7Q_X.
D) None of the statements is correct.