In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. Select the correct answer in each blank space (_______) a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall) b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) .
In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. Select the correct answer in each blank space (_______) a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall) b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) .
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In each of the following cases, determine how supply or
Select the correct answer in each blank space (_______)
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)
b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost ) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall)
.
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