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Author Question: The price of a PC falls or the price of an MP3 download rises? (Draw the diagrams) What will be ... (Read 82 times)

Mr3Hunna

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on: Jun 29, 2018
The price of a PC falls or the price of an MP3 download rises? (Draw the diagrams)
 
  What will be an ideal response?

Question 2

The Fed was founded in 1913 to serve as lender of last resort to bankers during bank runs and panics.
 
  Indicate whether the statement is true or false


elizabethrperez

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

A fall in the price of a PC decreases the demand for MP3 players because a PC is a substitute for an MP3 player. The demand curve for MP3 players shifts leftward. Supply remains unchanged. The price of an MP3 player falls and the quantity of MP3 players decreases.
A rise in the price of an MP3 download decreases the demand for MP3 players because an MP3 download is a complement of an MP3 player. The demand curve for MP3 players shifts leftward. Supply remains unchanged. The price of an MP3 player falls and the quantity of MP3 players decreases.

Answer to Question 2

TRUE


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Mr3Hunna

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Reply #2 on: Jun 29, 2018
Thank you


elizabethrperez

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Reply #3 on: Jun 29, 2018
No problemo


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