Question 6 (1 point)

Statement 1: "If the independent individual consumer demand curves for a commodity are horizontally summed, the result is the market demand curve for the commodity (assume no bandwagon or snob effects)." Statement 2: "In an industry with many competing firms, the price elasticity of demand for any single firm's output is generally the same as the price elasticity of demand for the entire industry's output of the commodity."

Question 6 options:

a)	Statement 1 is True. Statement 2 is False.

b)	Statement 1 is True. Statement 2 is True.

c)	Statement 1 is False. Statement 2 is True.

d)	Statement 1 is False. Statement 2 is False.