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There are three consumers in the market for playing cards: Don, John, and Ron

There are three consumers in the market for playing cards: Don, John, and Ron
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Solution Guide / Answer Key:

ECONOMICS

Multiple Choice

           There are three consumers in the market for playing cards: Don, John, and Ron. At a price of $2 per pack, the quantities demanded by each are 3, 2, and 1, respectively. At a price of $1.50 per pack, the quantities demanded by each are 4, 5, and 3, respectively. Which of the following is true?

a.

The market demand curve for playing cards does not obey the law of demand.

b.

The price decrease causes the quantity demanded in this market to increase by 6.

c.

The price decrease causes John's demand curve to shift the most.

d.

At a price of $1 per pack, the quantity demanded in this market must be 20.

e.

Don's behavior does not obey the law of demand.

 

           FILE: MS WORD

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