The graph shows the market for game consoles . On the graph, draw a point at the market equilibrium. Label it 1. Draw a demand curve that shows what happens if the price of a video game falls. Label the curve D 1 . Draw a supply curve that shows the effect of a technological advance that cuts the cost of producing game consoles . Label it S1 Draw a point at the new market equilibrium. Label it 2.
The graph shows the market for game consoles . On the graph, draw a point at the market equilibrium. Label it 1. Draw a demand curve that shows what happens if the price of a video game falls. Label the curve D 1 . Draw a supply curve that shows the effect of a technological advance that cuts the cost of producing game consoles . Label it S1 Draw a point at the new market equilibrium. Label it 2.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The graph shows the market for
game consoles
.
On the graph, draw a point at the market equilibrium . Label it 1.
Draw a demand curve that shows what happens if the price of a
video game
falls. Label the curve
D
1
.
Draw a supply curve that shows the effect of a technological advance that cuts the cost of producing
game consoles
.
Label it S1
Draw a point at the new market equilibrium. Label it 2.

Transcribed Image Text:1000-
800-
600-
400-
200-
to
Price (dollars per game console)
1
Quantity (millions of game consoles per year)
Select
Point
3-point
Curve
Po
4
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