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 lb.
B) increase by 115 lb.
C) increase by 35 lb.
D) decrease by 115 lb.

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 lb. 
B) increase by 115 lb. 
C) increase by 35 lb. 
D) decrease by 115 lb.

Quizplus · Accepted Answer

When the price rises from $4 to $5, the quantity demanded typically decreases. The decrease by 35 lb. is the correct change in the market quantity demanded.

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