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Suppose the market for fast food in Marshall Islands has only three consumers - Ann, Tom, and Reeka. Below are given the individual demand curves
Suppose the market for fast food in Marshall Islands has only three consumers - Ann, Tom, and Reeka. Below are given the individual demand curves of the three consumers, where the quantity is in pounds of fast food and the price is in dollars per pound. (Hint: you can answer this question without finding the equations for the market demand curve.) Ann: [Q = 2 - 2P] and Tom: [Q = 4-3P] and Reeka: [Q = 5-2P]. Which of the following statements is true for the total quantity demanded of fast food in Marshall Islands? Select one: O a. At a price of $1 per pound, the total quantity demanded in the market is seven pounds of fast food. O b. At a price of $2 per pound, only one pound of fast food would be demanded in Marshall Islands. O c. If fast food was free, the three consumers would demand an infinite amount of fast food. O d. At a price of $2 per pound, nobody demands fast food in Marshall Islands
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