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QUESTION 10 In a small town, there are 20 citizens who own cars. Each citizen has a demand function for gasoline given by: P=(25-5q) where
QUESTION 10 In a small town, there are 20 citizens who own cars. Each citizen has a demand function for gasoline given by: P=(25-5q) where P is the price of gasoline in $ and q is gallons of gasoline purchased per month. If Q denotes total gasoline purchased in a month, what is the market demand function? O a. same as the individual demand function since the citizens are identical. O b. since there are 20 citizens, P=500-5Q. O c. since there are 20 citizens, P=25-100Q. O d. since there are 20 identical citizens, P=25-0.25
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