Multiple Choice
Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is PX = 40 - QX; Consumer 2's (inverse) demand is PX = 50 - 2QX; and Consumer 3's (inverse) demand is PX = 70 - 4QX. When PX = $20, the market will demand:
A) 41 units.
B) 47.5 units.
C) 19.5 units.
D) None of the statements is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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