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ejoty ejoty
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Short description: Four graphs titled, diagram 1, diagram 2, diagram 3, and diagram 4. Long description: In the first graph, the horizontal axis representing quantity ranges from 0 to 25, in increments of 5. The vertical axis representing price ranges from 0 to 24, in increments of 2. The graph shows a decreasing line, D that passes through the following points: (0, 20), (5, 15), (10, 10), (15, 5), and (20, 0). The region from (0, 20) to (10, 10) on the line represents (a) and the region from (10, 10) to (20, 0) on the line represents (b). In the second graph, the horizontal axis represents the quantity and the vertical axis represents the price. The graph shows a vertical line, D that lies at a moderate quantity value. In the third graph, the horizontal axis represents the quantity and the vertical axis represents the price. The graph shows a concave up decreasing curve, D that passes through the following points: (5, 20), (10, 10), and (20, 5). In the fourth graph, the horizontal axis represents the quantity and the vertical axis represents the price. The graph shows a horizontal line, D that lies at a moderate price value. Note: All values are approximated.

FIGURE 4-2

Refer to Figure 4-2. There is good reason to suppose that, of the four goods whose demand curves are shown in diagrams 1-4 of the figure, the good that has the fewest close substitutes is shown in



▸ diagram 1.

▸ diagram 2.

▸ diagram 3.

▸ diagram 4.

▸ There is not enough information to determine this.
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Microeconomics

Microeconomics


Edition: 17th
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mmorris1537mmorris1537
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