The Demand Curve for a Good Is Very Unlikely to Be

question 182

Multiple Choice

The demand curve for a good is very unlikely to be perfectly vertical because

• A) scarcity and limited income restrict the ability of consumers to afford goods as they become very expensive.
• B) as the price of a good rises to high enough levels, the incentive for other suppliers to invent new substitutes for the good increases.
• C) consumers generally do not care about the price of the goods they consume.
• D) both a and b are true.

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Definitions:

Lens

A lens is a piece of transparent material, typically glass or plastic, that refracts or focuses light rays, used in devices like glasses, cameras, and telescopes to enhance vision or capture images.

Fovea

A small depression in the retina where visual acuity is highest.

Optic Disc

The region in the eye where the optic nerve connects to the retina; also known as the blind spot.

Retina

The light-sensitive layer of tissue at the back of the eye, responsible for converting light into neural signals for vision.