If one person has the only original signed copy of "The Wealth of Nations" by Adam Smith, which of the following would illustrate this situation? A

Economics Dec 10, 2020

If one person has the only original signed copy of "The Wealth of Nations" by Adam Smith, which of the following would illustrate this situation?

A. A downward sloping demand curve.

B. An upward sloping supply curve.

C. An invisible hand.

D. A perfectly vertical supply curve.

E. A perfectly horizontal demand curve.

Expert Solution

If one person has the only original signed copy of "The Wealth of Nations" by Adam Smith, which of the following would illustrate this situation? D. A perfectly vertical supply curve.

If there is only one book in existence, that is the total supply that anybody can offer for sale at any price. So the supply curve is vertical from the horizontal quantity (Q) axis, at the value of 1. The downward sloping demand curve would cross the supply curve at the price somebody was willing and able to pay.

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