Introduction to Economics 1 Deneme Sınavı Sorusu #712986

6. A manufacturing company determined the sum of all the quantities of a product demanded per period by all the buyers in the market. What demand can be said to have been determined?


Utility

Individual

Market

Inferior

Substitute


Yanıt Açıklaması:

The individual demand is derived from the solution of a personal utility maximization problem. Utility that the individual obtains from each additional or marginal unit consumed of a good declines, as more and more of that good is consumed. The consumer is said to be satiated after consuming a large enough quantity.  Market demand is the sum of all the quantities of a product demanded per period by all the buyers in the market. A product is said to be inferior if the demand for that product goes down when the income of the consumers increases. If two products are substitutes for each other, a change in the price of one product will change the demand for the other product in the opposite direction. As it is understood from the information the correct answer is “C”.

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