Question

g Suppose Phil and Miss Kay are the only consumers in the market. If the price is $12, then the market quantity demanded is Question 7 options: a) 0 units. b) 2 units. c) 4 units. d) 6 units.

Answer 1

the market quantity demanded is 2 units.

Answer: Option B.

Explanation:

Market quantity demanded is the demand of a particular good that has been made by the consumers in the market which is negatively related to the price of the product.

Since it is negatively related with the price of that product, so with the rise of the price of the product, the quantity of the commodity demanded will decrease with the increase in the price of the commodity and vice versa. For this reason, the graph of this is negatively sloping.