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

Question

Quizplus · Accepted Answer

Each individual's demand curve is vertical because they will buy one iPhone regardless of price within their specified range. The market demand curve is downward sloping because as the price decreases, more individuals (Smith, Jones, and Griffith) are willing to buy, increasing the total quantity demanded.

Suppose Smith Wants One IPhone No Matter What the Price