1 Which statement is consistent with the law of demand? A reduction in market price will lead to an increase in quantity demanded. 0 An increase in market price will lead to an increase in quantity demanded. 0 At a zero price, quantity demanded will be equal to zero. 0 A reduction in market price will lead to a decrease in quantity demanded. Which of the following characteristics lead to a downward-sloping demand curve? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. An increase in purchasing power as market price decreases D A decline in the price of a related good Diminishing marginal utility D Diminishing preferences for a particular good D Increasing opportunity costs D Increasing marginal benefit How is a market demand curve derived from individual demand curves? 0 Use the largest quantity demanded among all consumers for each price 0 Calculate the average quantity demanded among all consumers 0 Add up prices paid for each unit demanded by individuals Add up quantities demanded by all individual consumers for each price