Which of the following statements about demand is true? The demand curve for a group of consumers in a market is simply the horizontal summation of each individual's demand. The single demand curve shows the quantity of a good that people will buy, allowing all factors (price, income, expected future prices, etc.) to vary. An increase in income will cause a person to move down and to the right along her demand curve.
Which of the following statements about demand is true? The demand curve for a group of consumers in a market is simply the horizontal summation of each individual's demand. The single demand curve shows the quantity of a good that people will buy, allowing all factors (price, income, expected future prices, etc.) to vary. An increase in income will cause a person to move down and to the right along her demand curve.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 20SQ
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Transcribed Image Text:Which of the following statements about demand is true?
The demand curve for a group of consumers in a market is simply the horizontal summation
of each individual's demand.
The single demand curve shows the quantity of a good that people will buy, allowing all
factors (price, income, expected future prices, etc.) to vary.
An increase in income will cause a person to move down and to the right along her demand
curve.
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