If Consumers Would Be Willing to Purchase the Same Quantity

question 205

Multiple Choice

If consumers would be willing to purchase the same quantity of a good no matter what its price was, the demand curve would

• A) be a vertical line, and demand would be perfectly inelastic.
• B) be a horizontal line, and the demand would be perfectly elastic.
• C) not exist.
• D) be identical to the supply curve for the good.

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Definitions:

Gratuitous Bailment

A situation where property is voluntarily transferred into another's custody without expectation of payment.

Stradivarius

A type of high-quality stringed instrument made by members of the Stradivari family, particularly renowned violins.

Bailor

The party in a bailment who temporarily transfers possession but not ownership of a property to another party, the bailee.

Leasehold

An interest in a property that allows the holder (lessee) to use and occupy the land or premises for a specified period, under certain conditions, but does not provide ownership.