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Microeconomics

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Supply and Demand: The Greek Gods Must Be Crazy

MICRO-FT1GNW

Which of the following behaviors by Greek gods is necessarily inconsistent with the idea that markets featuring Greek gods as consumers obey the law of demand?

A

When figs cost \$1 each, Hera bought 50 per month. Now that figs cost \$2 each, Hera buys 49 per month.

B

The price of temples dropped from \$4 million to \$3 million. Zeus demanded one temple before the change, and one temple after the change.

C

Persephone buys twenty pomegranate seeds per month at a price of \$.10 each. Hades approaches her and offers to sell her another seed at a price of \$.11. She accepts.

D

Calliope helps people write poetry, and her time is an important input to the production of poetry! Typically she works for free. But one day Homer offers her $10 for an additional hour of her help. Enraged by the offer, she no longer helps Homer.