Suppose Julia and Zach Are the Only Consumers of Milk

question 29

Multiple Choice

Suppose Julia and Zach are the only consumers of milk.Julia's demand for milk is defined as at prices below $4 and zero for prices above $4.Zach's demand for milk is defined as at prices below $5 and zero for prices above $5.

• A) The market demand curve is upward sloping
• B) The market demand curve is a downward sloping straight line
• C) The market demand curve is kinked at $5
• D) The market demand curve is kinked at $4

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Definitions:

False Analogy

An argumentative flaw where two things being compared are not truly comparable or relevantly similar.

Popular Belief

A widely held opinion or conviction among a large group of people, regardless of whether it is based on fact or myth.

Slippery Slope Fallacy

A logical fallacy in which a relatively small first step leads to a chain of related events culminating in some significant effect, much like sliding down a slippery slope.

Gambler's Fallacy

A logical fallacy in which one assumes that future probabilities are altered by past events, often seen in gambling when assuming a certain outcome is "due".