Figure 3.5 Alt text for Figure 3.5a: In figure 3.5a, a graph of intersecting supply and demand curves representing the markets for original Picasso paintings and designer jeans.
Long description for Figure 3.5a: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Supply is a straight line which slopes up from the bottom left corner to the top right corner.Curve Demand is a straight line which slopes down from the top left corner to the bottom right corner.The 2 curves intersect at their respective midpoints.
Alt text for Figure 3.5b: In figure 3.5b, a graph of intersecting supply and demand curves represents one of the two markets for original Picasso paintings and designer jeans.
Long description for Figure 3.5b: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Demand is a straight line which slopes down from the top left corner to the bottom right corner.Curve Supply is a straight, vertical line beginning from approximate midpoint of the x axis.The 2 curves intersect at their respective midpoints.
-Refer to Figure 3.5.The figure above shows the supply and demand curves for two markets: the market for original Picasso paintings and the market for designer jeans.Which graph most likely represents which market?
A)Graph B represents the market for original Picasso paintings and Graph A represents the market for designer jeans.
B)Graph A represents the market for original Picasso paintings and Graph B represents the market for designer jeans.
C)Graph A represents both the market for original Picasso paintings and designer jeans.
D)Graph B represents both the market for original Picasso paintings and designer jeans.

Question

Figure 3.5  Alt text for Figure 3.5a: In figure 3.5a, a graph of intersecting supply and demand curves representing the markets for original Picasso paintings and designer jeans.
Long description for Figure 3.5a: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Supply is a straight line which slopes up from the bottom left corner to the top right corner.Curve Demand is a straight line which slopes down from the top left corner to the bottom right corner.The 2 curves intersect at their respective midpoints.
Alt text for Figure 3.5b: In figure 3.5b, a graph of intersecting supply and demand curves represents one of the two markets for original Picasso paintings and designer jeans.
Long description for Figure 3.5b: The x-axis is labelled, Quantity, and the y-axis is labelled, Price.Curve Demand is a straight line which slopes down from the top left corner to the bottom right corner.Curve Supply is a straight, vertical line beginning from approximate midpoint of the x axis.The 2 curves intersect at their respective midpoints.
-Refer to Figure 3.5.The figure above shows the supply and demand curves for two markets: the market for original Picasso paintings and the market for designer jeans.Which graph most likely represents which market?
A)Graph B represents the market for original Picasso paintings and Graph A represents the market for designer jeans. 
B)Graph A represents the market for original Picasso paintings and Graph B represents the market for designer jeans. 
C)Graph A represents both the market for original Picasso paintings and designer jeans. 
D)Graph B represents both the market for original Picasso paintings and designer jeans.

Quizplus · Accepted Answer

Graph B, with its steep demand curve, likely represents the market for original Picasso paintings, indicating that changes in price have little effect on quantity demanded due to their uniqueness and high value. Graph A, with a more elastic demand curve, represents the market for designer jeans, where price changes can significantly affect the quantity demanded.

Figure 35 Alt Text for Figure 3