There are 1000 consumers in the market of good A, each has an identical demand curve for this good. The price of one unit of good A is $P. At a given price the market demand is: A. More elastic than the individual demand curve B. less elastic than the individual demand curve C. as elastic as the individual demand curve O D. depending on P, all above can happen

There are 1000 consumers in the market of good A, each has an identical demand curve for this good. The price of one unit of good A is $P. At a given price the market demand is: A. More elastic than the individual demand curve B. less elastic than the individual demand curve C. as elastic as the individual demand curve O D. depending on P, all above can happen

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

There are 1000 consumers in the market of good A, each has an identical demand
curve for this good. The price of one unit of good A is $P. At a given price the
market demand is:
A. More elastic than the individual demand curve
B. less elastic than the individual demand curve
C. as elastic as the individual demand curve
D. depending on P, all above can happen

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