Table 3-3

-Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee rises from $4 to $5, the market quantity demanded would
A) decrease by 35 lbs.
B) increase by 115 lbs.
C) increase by 35 lbs.
D) decrease by 115 lbs.

Question

Table 3-3
 
-Refer to Table 3-3. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee rises from $4 to $5, the market quantity demanded would
A) decrease by 35 lbs. 
B) increase by 115 lbs. 
C) increase by 35 lbs. 
D) decrease by 115 lbs.

Quizplus · Accepted Answer

When the price rises from $4 to $5, the quantity demanded typically decreases. The problem states that the market quantity demanded would decrease by 35 lbs, which aligns with the typical law of demand where an increase in price leads to a decrease in quantity demanded.

Table 3-3 -Refer to Table 3-3. the Table Above Shows the Demand