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 falls from $6 to $4, the market quantity demanded would
A) decrease by 89 lbs.
B) increase by 26 lbs.
C) increase by 61 lbs.
D) increase by 110 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 falls from $6 to $4, the market quantity demanded would
A) decrease by 89 lbs. 
B) increase by 26 lbs. 
C) increase by 61 lbs. 
D) increase by 110 lbs.

Quizplus · Accepted Answer

The market quantity demanded increases by the sum of the increases in quantity demanded by Luke, Ravi, and the rest of the market when the price falls from $6 to $4.

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