Beef as a Commodity Vs Beef as Brand Questions (Check Work)?

Question

#1 - Which of the following demand curves best illustrates the demand for an individual cattle producer if his beef is considered a commodity (a product that is unspecialized and mass produced)?

Here's the Graph: http://courses.aplia.com/images/fenner_beef/fenner_beef_v2.gif

Choices:

A.Curve IV

B. Curve I

C. Curve II

D. Curve III

My Answer: D - Curve III (because a commodity means there's perfect competition - none better than the other)

#2 - Which of the following graphs best illustrates the demand curve for a cattle producer selling Oregon Trail Beef (brand name)?

Here's the Graph (should be the same as the one above): http://courses.aplia.com/images/fenner_beef/fenner_beef_v2.gif

Choices:

A. Curve III

B. Curve IV

C. Curve II

D. Curve I

My Answer: B - Curve IV (quantity increase when demand increases - is less based on perfect competition).

So am I right or wrong on any of them?

Answer 1

#1

D. Curve III

#2

B. Curve IV

You are right for both,

"II" is demand curve but "I" is perfectly inelastic which means inability to adjust production.