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Suppose Smith wants one iPod no matter what the price is between $0 and $150 Jones wants one iPod no matter what the price is between $0 and $200 and Young wants one iPod no matter what the price

1.Suppose Smith wants one iPod no matter what the price is between $0 and $150, Jones wants one iPod no matter what the price is between $0 and $200, and Young wants one iPod no matter what the price is between $0 and $250. In this case, each individual buyerA????1s demand curve will be __________________ and the market demand curve will be_______________

A. downward sloping; vertical.

B. vertical; downward sloping.

C. vertical; vertical

D. downward sloping; downward sloping.

2. Demand refers to

A. how much of a good people are willing and able to buy at a particular price.

B. the different quantities of a good people are willing and able to buy at different prices.

C. the different quantities of a good people are willing and able to buy at a particular price.

D. how much of a good people are willing to buy at different prices.

E. none of the above

3. Suppose Smith wants one iPod no matter what the price is between $0 and $150, Jones wants one iPod no matter what the price is between $0 and $200, and Young wants one iPod no matter what the price is between $0 and $250. In this case, each individual buyerA????1s demand curve will be __________________ and the market demand curve will be

A.downward sloping; vertical.

B.vertical; downward sloping.

C.vertical; vertical

D.downward sloping; downward sloping.

4. Refer to Exhibit 3-14. At a price of $10, there is a ____________ unit ____________ of good X.

A. 60; shortage

B. 30; shortage

C. 60; surplus

D. 30; surplus

E. none of the above

5. Refer to Exhibit 3-11. Fill in blanks (C) and (D) respectively with A????1ExchangeA????1 or A????1No ExchangeA????1to indicate whether or not exchange would take place at the given prices.

A. Exchange; Exchange

B. Exchange; No Exchange

C. No Exchange; Exchange

D. No Exchange; No Exchange

May 27 2020 Read more Less More

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