The questions in parenthesis are the answer choices. Only 1 can be selected. In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the (demand for ,supply of, supply of and demand for) smartphones increase(s), causing the equilibrium price to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged) 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, demand for, supply of) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged)
The questions in parenthesis are the answer choices. Only 1 can be selected. In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the (demand for ,supply of, supply of and demand for) smartphones increase(s), causing the equilibrium price to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged) 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, demand for, supply of) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The questions in parenthesis are the answer choices. Only 1 can be selected.
In each of the following cases, determine how supply or
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the (demand for ,supply of, supply of and demand for) smartphones increase(s), causing the equilibrium price to (fall, rise, rise, fall, or remain unchanged) and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged)
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, demand for, supply of)
.
ALS research increase(s), causing the equilibrium price (or opportunity cost ) of such research to (fall, rise, rise, fall, or remain unchanged)
and the equilibrium quantity to (fall, rise, rise, fall, or remain unchanged)
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