2. Explain each of the following statements using supply-and-demand diagrams. A. Smartphones: Microchips used in smartphones have become more powerful and less costly to produce. B. Smartphones: New small business mobile apps for smartphones became available.

2. Explain each of the following statements using supply-and-demand diagrams. A. Smartphones: Microchips used in smartphones have become more powerful and less costly to produce. B. Smartphones: New small business mobile apps for smartphones became available.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 20P

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Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

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2. Explain each of the following statements using supply-and-demand diagrams.
A. Smartphones: Microchips used in smartphones have become more powerful and
less costly to produce.
B. Smartphones: New small business mobile apps for smartphones became available.

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