For Which of the Following Products Is the Consumer's Demand

question 102

Multiple Choice

For which of the following products is the consumer's demand curve most likely to be vertical?

• A)lobster, for a seafood lover
• B)cars, for high school students
• C)insulin, for a diabetic
• D)compact disks, for a music lover
• E)beef, for a food lover

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Definitions:

Increase in Supply

A situation where the quantity of a good or service available for sale at each price point rises, shifting the supply curve to the right.

Increase in Quantity

A rise in the amount of a certain good or service produced or supplied in the market.

Adoption of New Technology

The process by which new tools, systems, or services are embraced and utilized by individuals, businesses, or organizations.

Market for Cars

The economic environment involving the buying, selling, and production of automobiles.