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Author Question: What happens to the quantity of cell phones supplied and the supply of cell phones if the price of a ... (Read 108 times)

hbsimmons88

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on: Jun 29, 2018
What happens to the quantity of cell phones supplied and the supply of cell phones if the price of a cell phone falls?
 
  What will be an ideal response?

Question 2

Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing producer surplus after the imposition of the price floor?
 
  A) B + C + D + E + F B) A C) B + D + F D) C + E


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jaygar71

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Reply #1 on: Jun 29, 2018
Answer to Question 1

If the price of cell phones falls and nothing else changes, then the quantity of cell phones supplied will decrease and there is a movement down along the supply curve for cell phones. The supply of cell phones, however, remains unchanged and the supply curve does not shift.

Answer to Question 2

C


hbsimmons88

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

brbarasa

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Reply 3 on: Yesterday
Excellent

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