At the point where the market price is $6 and the quantity demanded is 4 units,

Question

At the point where the market price is $6 and the quantity demanded is 4 units, which of the following statements is true?

A. The maximum price that consumers are willing to pay for any of the 4 units of pizza demanded is $6

B. The minimum price that consumers are willing to pay for any of the 4 units of pizza demanded is $6

C. No one currently buying pizza thinks that a unit of pizza is worth more than $6

D. If producers produced more than 4 units of pizza at the market price of $6, more pizza will be demanded

E. At the market price of $6, 4 units of pizza will be demanded

Explanation / Answer

The maximum price that consumers are willing to pay for any of the 4 units of pizza demanded is $6. A demand curve shows the maximum price the consumer is willing to pay for a given quantity of pizza.

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