Suppose Smith wants one iPhone no matter what the price is between $0 and $350, Jones wants one iPhone no matter what the price is between $0 and $200, and Griffith wants one iPhone no matter what the price is between $0 and $450. In this case, each individual buyer's demand curve will be __________________ and the market demand curve will be __________________
A) downward sloping; vertical
B) vertical; downward sloping
C) vertical; vertical
D) downward sloping; downward sloping
B
Economics
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Which of the following describes a trade deficit?
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