Question
The cost of producing flat-screen TVs has fallen over the past decade. Let’s consider some implications of this fact.
A.) Draw a supply-and-demand diagram to show the effect of fallen production costs on the price and quantity of flat-screen TVs sold.
B.) In your diagram, show what happens to consumer surplus and producer surplus.
A.) Draw a supply-and-demand diagram to show the effect of fallen production costs on the price and quantity of flat-screen TVs sold.
B.) In your diagram, show what happens to consumer surplus and producer surplus.
Answers
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