Author Question: A technological breakthrough lowers the cost of manufacturing DVDs. As a result, the market changes ... (Read 124 times)

rmenurse · **on:** Jun 30, 2018

A technological breakthrough lowers the cost of manufacturing DVDs. As a result, the market changes to a new equilibrium because of a(n):
a. upward movement along the demand curve for DVDs.
b. rightward shift in the demand curve for DVDs.
c. rightward shift in the supply curve for DVDs.
d. shortage of DVDs.

Question 2

Consider the market for grapes. An increase in the wage paid to grape pickers will cause the:
a. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed.
b. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed.
c. supply curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed.
d. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.