Multiple Choice
Suppose in the market for iPhones, the following two changes take place: (1) the cost of making iPhones falls, and (2) the price of smartphone data plans falls. What happens to the equilibrium price and the equilibrium quantity?
A) The equilibrium price and the equilibrium quantity rise.
B) The equilibrium price falls, but the equilibrium quantity is indeterminate.
C) The equilibrium price is indeterminate, but the equilibrium quantity rises.
D) The equilibrium price rises, but the equilibrium quantity is indeterminate.
Correct Answer:
Verified
Correct Answer:
Verified
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