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Suppose there are 100 consumers with identical individual demand curves. 'hen th- price of a movie ticket is $8, the quantity demanded for each person is 5. When the price is $4, the quantity demanded for each person is 9. Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is $6?
a) 1,200
b) 1,000
c) 700
d) 400

Respuesta :

The most likely quantity demanded in the market when the price is $6 is 700.

What is the law of demand?

The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded. This means that the quantity demanded has an inverse relationship to price.

What is the quantity demanded when price is $6?

Looking at the question, it can be deduced that when price changes by $1, quantity demanded changes by 1 unit. So, when price is $6, quantity demanded would be 7 units.

Quantity demanded = 7 x100 = 700

For more information about demand, please check: https://brainly.com/question/25871620

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