ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the demand of an individual consumer.
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the number of markets in a specified area.
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the total number of markets.
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the total quantity demanded per period by all consumers at various prices.
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Detailed explanation-1: -The market demand curve gives the quantity demanded by everyone in the market for every price point. The market demand curve is typically graphed and downward sloping because as price increases, the quantity demanded decreases. It can also be provided as a schedule, which is in table format.
Detailed explanation-2: -The market demand curve shows the quantity of a good that consumers would like to purchase at different prices.
Detailed explanation-3: -The market demand curve for good X includes the quantities of good X demanded by all participants in the market for good X. The market demand curve is found by taking the horizontal summation of all individual demand curves.
Detailed explanation-4: -A market demand curve is constructed by summing the quantities demanded of all individuals at each price. TRUE.
Detailed explanation-5: -Market demand is the total quantity demanded by all consumers in a market for a given good. Aggregate demand is the total demand for all goods and services in an economy.