What is the process that a manager can follow to estimate the total market demand for the United States?
A)Survey one consumer, and then scale up that individual demand to represent the entire market, and plot the market demand curve.
B)Survey some representative customers, find the total quantity demanded for those customers, scale up the quantities demanded to represent the entire market, and then plot the market demand curve.
C)Survey representative customers, find the total quantity demanded for those representative customers, and then plot the market demand curve.
D)Generate random data to represent market quantity demanded for the entire market, and then plot the market demand curve.

Question

Quizplus · Accepted Answer

B is correct because it involves surveying a representative sample of customers to estimate total market demand, which is a common and effective approach. This method allows for a more accurate estimation by scaling up the demand from a sample that reflects the broader market.

What Is the Process That a Manager Can Follow to Estimate