Figure 3-3

-Refer to Figure 3-3.The figure above shows the supply and demand curves for two markets: the market for an original Picasso painting and the market for designer jeans.Which graph most likely represents which market?
A)Graph B represents the market for an original Picasso painting and Graph A represents the market for designer jeans.
B)Graph A represents the market for an original Picasso painting and Graph B represents the market for designer jeans.
C)Graph A represents both the market for an original Picasso painting and designer jeans.
D)Graph B represents both the market for an original Picasso painting and designer jeans.

Question

Figure 3-3
 
-Refer to Figure 3-3.The figure above shows the supply and demand curves for two markets: the market for an original Picasso painting and the market for designer jeans.Which graph most likely represents which market?
A)Graph B represents the market for an original Picasso painting and Graph A represents the market for designer jeans. 
B)Graph A represents the market for an original Picasso painting and Graph B represents the market for designer jeans. 
C)Graph A represents both the market for an original Picasso painting and designer jeans. 
D)Graph B represents both the market for an original Picasso painting and designer jeans.

Quizplus · Accepted Answer

The market for an original Picasso painting is likely to have a vertical supply curve (Graph B) due to its fixed supply, while the market for designer jeans would have a more typical upward-sloping supply curve (Graph A).

Figure 3-3 -Refer to Figure 3-3.The Figure Above Shows the Supply and Shows