The next four questions refer to the following supply and demand graphs: III IV XXI D, 33. Consider the market for iPhones. Which of the following would result in market shift shown in Graph II in the market for iPhones? a. The price of an Android phone increases. b. Processor chips become more expensive to produce. c. Processor chips become faster but cost the same to produce. d. The price of an iPhone increases. e. None of the above. 34. Consider the market for Ford Mustangs. Which of the following would result in market shift shown in Graph I? a. The price of a Mustang decreases. b. The price of a Mustang increases. c. A technology change occurs which allows Mustangs to have increased MPG. d. The price of steel increases. e. Both (a) and (c). 35. Consider the market for new cars. Which of the following would result in market shift shown in Graph IV? a. There is a decrease in the supply of processor chips needed for vehicles. b. The price of a new car decreases. c. The price of a used car increases. d. More car companies enter the market. e. Both (c) and (d) together.

The next four questions refer to the following supply and demand graphs: III IV XXI D, 33. Consider the market for iPhones. Which of the following would result in market shift shown in Graph II in the market for iPhones? a. The price of an Android phone increases. b. Processor chips become more expensive to produce. c. Processor chips become faster but cost the same to produce. d. The price of an iPhone increases. e. None of the above. 34. Consider the market for Ford Mustangs. Which of the following would result in market shift shown in Graph I? a. The price of a Mustang decreases. b. The price of a Mustang increases. c. A technology change occurs which allows Mustangs to have increased MPG. d. The price of steel increases. e. Both (a) and (c). 35. Consider the market for new cars. Which of the following would result in market shift shown in Graph IV? a. There is a decrease in the supply of processor chips needed for vehicles. b. The price of a new car decreases. c. The price of a used car increases. d. More car companies enter the market. e. Both (c) and (d) together.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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