The equilibrium price of televisions fell significantly in the past month,however the equilibrium quantity remained unchanged. Three individualsprovided an explanation for the situation. Which explanation(s) could becorrect? 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
The equilibrium price of televisions fell significantly in the past month,however the equilibrium quantity remained unchanged. Three individualsprovided an explanation for the situation. Which explanation(s) could becorrect? 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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The
however the
provided an explanation for the situation. Which explanation(s) could be
correct? Explain your logic.
• Mark:
• Shawn: Supply increased, but so did demand.
• Annica: Supply decreased, but demand was totally inelastic
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