Multiple Choice
Consider the market for cell phones. Suppose the price of a cell phone falls. Explain the effect of this event on the quantity of cell phones demanded and on the demand for cell phones.
A) The quantity of cell phones demanded is unchanged and the demand for cell phones increases.
B) The quantity of cell phones demanded decreases and the demand for cell phones is unchanged.
C) The quantity of cell phones demanded increases and the demand for cell phones is unchanged.
D) The quantity of cell phones demanded increases and the demand for cell phones also increases.
E) The quantity of cell phones demanded is unchanged and the demand for cell phones decreases.
Correct Answer:
Verified
Correct Answer:
Verified
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