Multiple Choice
Assume that both the demand curve and the supply curve for MP3 players shift to the right but the demand curve shifts more than the supply curve.As a result
A) both the equilibrium price and quantity of MP3 players will increase.
B) the equilibrium price of MP3 players will increase; the equilibrium quantity may increase or decrease.
C) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will increase.
D) the equilibrium price of MP3 players will decrease; the equilibrium quantity may increase or decrease.
Correct Answer:
Verified
Correct Answer:
Verified
Q113: Technological advancements have led to lower prices
Q114: Draw a supply and demand graph showing
Q115: Table 3-3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 3-3
Q116: Figure 3-8<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 3-8
Q117: The income effect of a price change
Q119: Figure 3-4<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 3-4
Q120: Which of the following would definitely cause
Q121: Figure 3-5<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 3-5
Q122: Table 3-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 3-2
Q123: The _ effect refers to the change