Question

1. A point on the graph of a demand curve has co-ordinates P, and Q. Which of the following three interpretations of this point on the demand curve) are correct?: 1. The maximum price that any consumer is willing to pay for this good is P, and the minimum amount this consumer is willing to purchase at that price is Q, of the good. m. At the price P, the maximum amount of the good that consumers are willing to purchase is Q. of the good. VIX. Although some consumers are willing to pay more than P, for this good, the maximum price consumers are willing to pay for the last unit of the good i.e., the Qith unit of the good) is P. (A) Only statement I is correct (B) Only statement II is correct (C) Only statement Ill is correct (D) Statements I and II are both correct (E) Statements I and III are both correct (F) Statements II and III are both correct (G) Statements I and II and Ill are all correct (H) None of the statements are correct