The economy is undergoing a recession that has reduced consumers' incomes. In the smartphone market, this will most likely lead to
A. an increase in price and a decrease in quantity.
B. an increase in price and an increase in quantity.
C. a decrease in price and a decrease in quantity.
D. a decrease in price and an increase in quantity.
Answer: C
Economics
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What does it mean for a nation to have an absolute advantage in producing a product?
What will be an ideal response?
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In long-run equilibrium, the perfectly competitive firm produces: a. where P = MC = AC
b. at the lowest point on its long-run average cost curve. c. where its long-run average cost curve is tangent to its horizontal demand curve. d. at a level of output such that all of the above are true.
Economics