ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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TRUE
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FALSE
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Either A or B
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None of the above
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Detailed explanation-1: -The market demand for a good describes the quantity demanded at every given price for the entire market. Remember that the entire market is made up of individual buyers with their own demand curves. This means that the market demand is the sum of all of the individual buyer’s demand curve.
Detailed explanation-2: -The sum (total) of all individual demand in the market at a given price and point of time is the market demand.
Detailed explanation-3: -The market demand curve is the summation of all the individual demand curves in a given market.
Detailed explanation-4: -The horizontal summation of all individuals demand curve is known as market demand curve. Market demand curve indicates different quantities of a commodity that all buyers in the market are ready to buy at different possible prices of the commodity at a point of time.
Detailed explanation-5: -Answer and Explanation: The correct answer is E: it shows the relationship between product demand and product price.