Figure 3-3
-Refer to Figure 3-3.The figure above shows the supply and demand curves for two markets: the market for original Michelangelo sculptures and the market for Ray Ban sunglasses.Which graph most likely represents which market?
A)Graph B represents the market for original Michelangelo sculptures and Graph A represents the market for Ray Ban sunglasses.
B)Graph A represents the market for original Michelangelo sculptures and Graph B represents the market for Ray Ban sunglasses.
C)Graph A represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.
D)Graph B represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.

Question

Figure 3-3 
-Refer to Figure 3-3.The figure above shows the supply and demand curves for two markets: the market for original Michelangelo sculptures and the market for Ray Ban sunglasses.Which graph most likely represents which market?
A)Graph B represents the market for original Michelangelo sculptures and Graph A represents the market for Ray Ban sunglasses. 
B)Graph A represents the market for original Michelangelo sculptures and Graph B represents the market for Ray Ban sunglasses. 
C)Graph A represents both the market for original Michelangelo sculptures and Ray Ban sunglasses. 
D)Graph B represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.

Quizplus · Accepted Answer

Graph B, likely representing the market for original Michelangelo sculptures, shows a vertical supply curve, indicating a perfectly inelastic supply, which makes sense because the number of original sculptures is fixed and cannot increase. Graph A, likely representing the market for Ray Ban sunglasses, shows a more traditional supply and demand curve, indicating that both supply and demand can change over time, which is typical for mass-produced goods like sunglasses.

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