The graph shows the market for smartphones .   On the graph, draw a point at the market equilibrium and label it 1.   Now draw a curve to illustrate what happens in the market for smartphones if more firms produce smartphones while all other  influences on the market remain the same. Label the curve S1   Draw a point at the new market equilibrium and label it 2. >>> Draw only the objects specified in the question.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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The graph shows the market for
smartphones
.
 
On the graph, draw a point at the market equilibrium and label it 1.
 
Now draw a curve to illustrate what happens in the market for
smartphones if more firms produce smartphones while all other 
influences on the market remain the same. Label the curve S1
 
Draw a point at the new market equilibrium and label it 2.
>>>
Draw only the objects specified in the
question.
600-
500-
400-
300-
200-
100-
0
Price (dollars per smartphone)
3
Quantity (millions of smartphones per year)
Select
Point 3-point
So
Po
Transcribed Image Text:600- 500- 400- 300- 200- 100- 0 Price (dollars per smartphone) 3 Quantity (millions of smartphones per year) Select Point 3-point So Po
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