Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day.

-Refer to Table 7-5.If the market price of an orange is $1.20,then the market quantity of oranges demanded per day is
A) 1.
B) 2.
C) 3.
D) 4.

Question

Table 7-5
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day.
 
-Refer to Table 7-5.If the market price of an orange is $1.20,then the market quantity of oranges demanded per day is
A) 1. 
B) 2. 
C) 3. 
D) 4.

Quizplus · Accepted Answer

All three buyers are willing to pay more than $1.20 for an orange, thus there will be a demand for all three oranges at the given price. Therefore, the market quantity of oranges demanded per day is 3.

Table 7-5 For Each of Three Potential Buyers of Oranges, the Table