Managerial Economicsbasic
The market demand curve is derived through the _____ summation of all individual demand curves.
Answer
horizontal
Explanation
### Why this is right
Market demand combines the quantities demanded by all buyers in the market. Each buyer’s individual demand contributes to the market total.
### The concept
Individual demand represents one buyer’s quantities at different prices over a stated period. Market demand aggregates buyers’ quantities at those prices. It is not the number of buyers alone: it is the sum of the quantities they demand.
### Remember
Market demand adds buyers’ quantities, not merely buyers’ names.
Related Questions
- Which description best defines managerial economics?(basic)
- Under the SMARTTS framework, an objective with a stated deadline is _____.(basic)
- An increase in income always moves a consumer to a different point on the same demand curve.(intermediate)
- A price above equilibrium creates excess demand and tends to push price upward.(basic)
- What does a production function represent?(basic)
Want to practice more questions like this?
Join myBenkio free and practice past questions for your Nigerian university courses with AI explanations for every answer.
Start Practicing Free