Question 2 The equilibrium price of televisions fell significantly in the past month; however the equilibrium quantity remained unchanged. Three individuals provided an explanation for the situation. Which explanation(s) could be correct? Explain your logic. Mark: Demand increased, but supply was totally inelastic. Shawn: Supply increased, but so did demand. Annica: Supply decreased, but demand was totally inelastic
Question 2 The equilibrium price of televisions fell significantly in the past month; however the equilibrium quantity remained unchanged. Three individuals provided an explanation for the situation. Which explanation(s) could be correct? Explain your logic. Mark: Demand increased, but supply was totally inelastic. Shawn: Supply increased, but so did demand. Annica: Supply decreased, but demand was totally inelastic
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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Question 2
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- Mark:
Demand increased, but supply was totally inelastic. - Shawn: Supply increased, but so did demand.
- Annica: Supply decreased, but demand was totally inelastic
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