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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 oung wants one iPod no matter what the price is

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

Apr 29 2020 View more View Less