Figure 3.9 Alt text for Figure 3.9a: In figure 3.9a, a graph plotting intersecting supply and demand curves represents one of the two markets for original Michelangelo sculptures and Ray Ban sunglasses.
Long description for Figure 3.9a: 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 3.9b: In figure 3.9b, a graph plotting intersecting supply and demand curves represents one of the two markets for original Michelangelo sculptures and Ray Ban sunglasses.
Long description for Figure 3.9b: 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 which begins from the midpoint of the x axis.The 2 curves intersect at their respective midpoints.
-Refer to Figure 3.9.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 for Ray Ban sunglasses.
D)Graph B represents both the market for original Michelangelo sculptures and for Ray Ban sunglasses.

Question

Figure 3.9  Alt text for Figure 3.9a: In figure 3.9a, a graph plotting intersecting supply and demand curves represents one of the two markets for original Michelangelo sculptures and Ray Ban sunglasses.
Long description for Figure 3.9a: 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 3.9b: In figure 3.9b, a graph plotting intersecting supply and demand curves represents one of the two markets for original Michelangelo sculptures and Ray Ban sunglasses.
Long description for Figure 3.9b: 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 which begins from the midpoint of the x axis.The 2 curves intersect at their respective midpoints.
-Refer to Figure 3.9.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 for Ray Ban sunglasses. 
D)Graph B represents both the market for original Michelangelo sculptures and for 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 39 Alt Text for Figure 3