Refer to the table below. If there were 200 buyers in the market, each with a demand schedule identical to Buyer 2 in the table above, then the weekly quantity of hamburger demanded in the market at a price of $4 would be:
The table below shows the weekly demand for hamburger in a market where there are just three buyers.
A. 8,000
B. 2,000
C. 7,400
D. 4,000
Answer: B
You might also like to view...
Of the following endeavors of Happy Home Insurance Company of California, which involves the most nondiversifiable risk?
A) Fire insurance B) Home burglary insurance C) Earthquake insurance D) Personal accident insurance E) Home office insurance
The conflict between the Vice President of Marketing and her sales staff arises because
a. the sales staff are too willing to offer discounts b. the Vice President does not want to negotiate aggressively enough c. the sales staff want to negotiate too aggressively d. the Vice President is more willing to offer discounts to make the sale
The change in a firm's total revenue due to selling an additional unit of output is known as
a. marginal revenue b. average revenue c. price d. marginal cost e. marginal revenue product
A demand curve for a normal good
A) slopes upward and to the right. B) is constructed based on the assumption that income is rising. C) is constructed based on the assumption that an inverse relationship exists between price and income. D) shows the inverse relationship between price and quantity demanded.