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.
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
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