An individual's demand curve:
a. represents the various quantities that a consumer is willing to purchase of a good at various price levels.
b. is derived from an individual's indifference curve map.
c. will shift if preferences, prices of other goods, or income change.
d. all of these answers are correct.
d
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Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. At a price of $75, the quantity demanded in the market would be
A) 6 oz. B) 46 oz. C) 52 oz. D) 127 oz.
We can derive market demand for pears by
a. adding up all the prices people are willing to pay for pears b. multiplying the number of people times the price of pears c. adding up the number of pears that producers are willing to sell d. multiplying the number of pears by the price of pears e. adding up all the individual demands for pears