Author Question: There are three consumers in the market for playing cards: Don, John, and Ron. At a price of 2 per ... (Read 26 times)

Jramos095 · **on:** Jul 1, 2018

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.

Question 2

Which of the following is not true regarding a change in quantity demanded?
a. A change in quantity demanded is shown by a movement along a given demand curve.
b. The demand curve shifts whenever the quantity demanded changes.
c. A change in the price of a good, other things constant, will lead to a change in quantity demanded.
d. The lower the price of a product, other things constant, the higher the quantity demanded.
e. A shift of the supply curve might cause a change in quantity demanded.