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The diagram below represents the consumer side of the market for skateboards in New York.The current price of skateboards is PA.Each of the events described below will have some impact on the demand for skateboards.For each event,draw a picture to illustrate the effect of the event.Be sure to explain your pictures using pertinent economic terminology ("movement along" or "shift in"). (a)A drop in the price of skateboards.
(b)A drop in the price of kneepads.
(c)A decline in income.
Open Door Policy
A diplomatic concept aimed at promoting equal opportunities for international trade and commerce for all nations, particularly in relation to China in the late 19th and early 20th centuries.
American Rule
A legal principle that each party in a lawsuit pays its own attorney's fees, unlike the "English Rule" where the losing party pays.
Puerto Rico
An island and unincorporated territory of the United States located in the northeastern Caribbean Sea, known for its rich culture and history.
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