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Assume That Smartphones Are a Normal Good,and That the Prices

question 12

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Assume that smartphones are a normal good,and that the prices of smartphones have fallen in recent years.Over this same period,the price of the components used to produce smartphones has also fallen and consumer incomes have risen.Which of the following best explains the falling prices of smartphones?


Definitions:

Symbolize

To represent, stand for, or denote something else, especially through the use of symbols or symbolic meanings.

Lonely

Feeling sad because of a lack of friends, company, or companionship.

Sad

A feeling or showing sorrow; unhappy.

People

Human beings in general or considered collectively.

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