Asked by
Rachael McCoy
on Nov 04, 2024
Verified
An electronics manufacturer can produce either MP3 players or cell phones. As the result of a decrease in the price of cell phones, the firm produces more MP3 players and fewer cell phones. An economist would explain this by saying
A) the supply of cell phones increased and the supply of MP3 players decreased.
B) there has been an increase in the quantity supplied of cell phones and a decrease in the quantity supplied of MP3 players.
C) there has been a decrease in the quantity supplied of cell phones and an increase in the supply of MP3 players.
D) the supply of cell phones increased and the quantity supplied of MP3 players decreased.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a given price over a specified period of time.
Cell Phones
Portable electronic devices used for mobile communication, including voice calls, text messaging, and internet access.
MP3 Players
Electronic devices designed to play digital audio files in MP3 format, allowing for portable music playback.
- Ascertain the consequences of alterations in non-monetary factors (for instance, consumer income, pricing of related merchandise, and the amount of suppliers) on supply and demand charting.
Verified Answer
RS
Learning Objectives
- Ascertain the consequences of alterations in non-monetary factors (for instance, consumer income, pricing of related merchandise, and the amount of suppliers) on supply and demand charting.