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Question
When at a price of ₹ 5 per unit of a commodity, A’s demand is for 11 units, B’s demand is for 14 units and C’s demand is for 8 units (assuming that there are only three consumers in the market), the market demand is ______.
Options
11 units
14 units
17 units
33 units
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Solution
When at a price of ₹ 5 per unit of a commodity, A’s demand is for 11 units, B’s demand is for 14 units and C’s demand is for 8 units (assuming that there are only three consumers in the market), the market demand is 33 units.
Explanation:
The market demand is the total demand from all consumers in the market. In this case, you sum the demand from all three consumers:
- P’s demand: 11 units
- B’s demand: 14 units
- C’s demand: 8 units (assuming this is what was intended to be mentioned, as it was missing in the question)
Therefore, the total market demand is:
11 + 14 + 8 = 33 units.
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