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

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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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
Transcribed Image Text: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
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