Suppose Smith Wants One IPhone No Matter What the Price

question 208

Multiple Choice

Suppose Smith wants one iPhone no matter what the price is between $0 and $350,Jones wants one iPhone no matter what the price is between $0 and $200,and Griffith wants one iPhone no matter what the price is between $0 and $450.In this case,each individual buyer's 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

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Definitions:

Carbon

A chemical element with symbol C, an essential building block of life, found in all organic compounds and some inorganic ones.

Nitrogen

A chemical element with symbol N and atomic number 7, essential for life, it makes up a major part of the earth's atmosphere and is a key component of all proteins.

Phosphorus

A chemical element (P) that is essential for the formation of DNA, RNA, and ATP, playing a critical role in energy storage and transfer within cells.

Nitrification

A microbial process by which ammonia is converted into nitrate, an important step in the nitrogen cycle.