The table below shows the weekly demand for hamburgers in a market where there are just three buyers.PriceQuantity Demanded by Buyer 1Quantity Demanded by Buyer 2Quantity Demanded by Buyer 3$6746597841510123211516Refer to the table. If the price of a hamburger decreases from $5 to $3, then the weekly market quantity of hamburgers demanded will
A. increase from 120 to 156.
B. increase from 24 to 52.
C. increase from 29 to 55.
D. decrease from 52 to 24.
Answer: B
You might also like to view...
Markets promote
A) competition and voluntary exchange. B) equity and competition. C) equity and equality. D) voluntary exchange and equality.
Refer to Table 18-2. The table above lists three policy alternatives that the U.S. Senate will vote on, along with the ranking of these alternates
The Senate must decide which of these alternatives should receive an additional $1 billion of funding, and there is enough money in the federal budget for only one of these alternatives. If a series of votes is taken in which each pair of alternatives is considered (homeland security and education; homeland security and medical research; education and medical research) which of the following will result from these votes? A) The results will illustrate the voting paradox. B) When the vote is between homeland security and education, the Senators will vote for education to receive funding. C) The results from the voting will illustrate the median voter theorem. D) The Senators' votes will demonstrate transitivity.
Which of the following is not a feature of the steady state in Solow's exogenous growth model?
A) The capital/output ratio is steady. B) Capital grows continuously. C) Consumption per worker is steady. D) Total saving is steady.
The sign of the price elasticity coefficient for a normal good will:
a. always be negative. b. always be positive. c. be positive if demand is elastic but negative if demand is inelastic. d. be positive if demand is inelastic but negative if demand is elastic.