Business, 08.02.2021 19:20, saniyawilliams1207
In each of the following cases, determine how supply or demand shifts and how the equilibrium changes.
Select the correct answer in each blank space ()
a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the ( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)
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, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)
Answers: 3
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In each of the following cases, determine how supply or demand shifts and how the equilibrium change...
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