Suppose the market demand curve for a good passes through thepoint (quantity dem

Question

Suppose the market demand curve for a good passes through thepoint (quantity demanded=100: price=$25). If there are five buyersin the market, then a. the marginal buyer's willingness to pay for the 100th unitof the good is $25. b.the sum of the five buyers' willingness to pay for the 100thunit of the good is $25. c. the average of the five buyers' willingness to pay for the100th. unit of the good is $25. d. all of the five buyers are willing to pay at least $25 forthe 100th unit of the good. Suppose the market demand curve for a good passes through thepoint (quantity demanded=100: price=$25). If there are five buyersin the market, then a. the marginal buyer's willingness to pay for the 100th unitof the good is $25. b.the sum of the five buyers' willingness to pay for the 100thunit of the good is $25. c. the average of the five buyers' willingness to pay for the100th. unit of the good is $25. d. all of the five buyers are willing to pay at least $25 forthe 100th unit of the good.

Explanation / Answer

a. the marginal buyer's willingness to pay for the 100th unitof the good is $25.
I would consider that "Economists graphically represent therelationship between product price and quantity demanded with ademand curve. Typically, demand curves are downwards sloping,because as price increases, buyers are less likely to be willing orable to purchase whatever is being sold. Each individual buyer canhave their own demand curve, showing how many products they arewilling to purchase at any given price"

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