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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 .

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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.

What is market demand?

Market demand identifies who wants to acquire a certain product and who has a need for it. This will depend on how willing consumers are to pay a particular price for a particular good or service. As market demand increases, so do prices. A drop in demand will be accompanied by a drop in price.

In this case, each individual buyer's demand curve will be vertical, and the market demand curve will be downward sloping.

Thus, they are vertical; downward sloping

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