Figure 4-2[table]
Consumer 1 | Consumer 2
|
[/table]Refer to Figure 4-2.If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is

Question

Figure 4-2​[table]
Consumer 1 | Consumer 2
|
[/table]​Refer to Figure 4-2.If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is

BlackTom AI · Accepted Answer

To determine market quantity demanded at a given price, we sum the individual quantities demanded by all consumers at that price. Here, there are two consumers, and we must read each of their demand at a price of $15 from the provided figure(s).

Step 1: Identify each consumer's quantity demanded at price 15. For Consumer 1, move horizontally at price = 15 and see where it intersects Consumer 1's demand curve, then drop down to the quantity axis to read Q1. Do the same for Consumer 2 to obtain Q2.

Step 2: Add the two quantities to get the market quantity: Q_market = Q1 + Q2.

Step 3: Compare the result to the given answer options. If both individuals have no quantity demanded at price 15 (i.e., each curve intersects the price line at quantity zero), then Q1 = 0 and Q2 = 0, so Q_market = 0.

Step 4: Consider possible misreadings. If one or both demand curves show a positive quantity at price 15, the sum would be greater than zero. Ensure you correctly read the intersection points from the graph rather than assuming quantities without checking where price = 15 intersects each demand curve.

Step 5: Evaluate the given choice. The option presented is “d. 0 units.” If the graph intersections for both consumers at price 15 yield zero quantities, then the market quantity demanded is 0 units, which matches that option. If instead either consumer demands a positive quantity at price 15, that option would be incorrect and you would select the sum Q1 + Q2 accordingly.

Tip for interpreting the graph: identify the price level on the vertical axis (here, $15), draw a horizontal line across until it meets each consumer’s downward-sloping demand line, then read the corresponding quantity from the horizontal axis. The total is simply adding those two quantities. If both intersections occur at the far left of the quantity axis (i.e., zero), you end up with zero total demand at that price.

Figure 4-2[table] Consumer 1 | Consumer 2 | [/table]Refer to Figure 4-2.If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is

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