Suppose there are three buyers in the market for bottled water. At a price of $2 per bottle, Jerry demands 23 bottles, Elaine demands 14 bottles, and Kramer demands 7 bottles. One point on, the market demand curve for bottled water is
a. price = $2 and quantity = 23 bottles
b. price = $88 and quantity = 44 bottles
c. price = $88 dollars and quantity = 14 bottles
d. price = $2 and quantity = 44 bottles
e. impossible to determine from the information given
D
You might also like to view...
How can a partnership raise funds needed for firm expansion?
What will be an ideal response?
Explain the difficulties in regulating international banking
What will be an ideal response?
As economic activity progresses through successive rounds of the multiplier, the additions to national income become larger and larger
Indicate whether the statement is true or false
Suppose that you rent a house next to a dog kennel. The kennel holds up to 200 dogs at a time, and these dogs bark all day long. You now have to spend $150 more per month on earplugs and headache medicine because of the noise. You could move to another house far enough away from the factory, but the rent for that house is $125 more than you now pay. The efficient solution to this problem is that
A. you should move to the new house because the additional rent on that new house is less than the additional expenses you incur from living next to the kennel. B. the kennel should be able to continue to operate as it is because only one person is being harmed by the noise. C. the kennel owner should compensate you $150 so that you can pay for the additional expenses you incur. D. the kennel owner should reimburse you $25, the difference between your expenses and the higher rent on the new house.