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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 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 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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