APFIVE Simultaneous Shifts in Supply and Demand
In a market for smartphones, both a technological breakthrough reducing production costs and a decrease in consumer income occur simultaneously. If smartphones are normal goods, what is the most likely effect on equilibrium price and quantity?
A
Price decreases; quantity indeterminate
B
Price increases; quantity decreases
C
Price decreases; quantity decreases
D
Price decreases; quantity increases
Question Leaderboard
| Rank | |||||
|---|---|---|---|---|---|
| #1 | chuckp.0920 | 6 | 8 | 0m 00s | 580 |
| #2 | nisak4sh | 2 | 3 | 0m 00s | 190 |
| #3 | chutajisan | 2 | 2 | 0m 18s | 182 |
| #4 | rebekahnrp | 2 | 4 | 0m 16s | 164 |
| #5 | taa66cr7 | 2 | 2 | 1m 00s | 140 |
| #6 | hackeraltacc2024 | 2 | 2 | 1m 11s | 129 |
| #7 | ohtaeyang25 | 2 | 3 | 1m 24s | 106 |
| #8 | mt.lovelle | 1 | 1 | 0m 02s | 98 |
| #9 | eunsole720 | 1 | 1 | 0m 02s | 98 |
| #10 | mayyahansari | 2 | 3 | 1m 44s | 86 |
Items per page:
10
1 – 10 of 84