All Else Equal,the Desired Increase in the Supply of Smart

question 89

Multiple Choice

All else equal,the desired increase in the supply of smart phones for Google would cause the equilibrium price of the smart phones to ________ and the equilibrium quantity of the smart phones to ________.

• A)increase; increase
• B)increase; decrease
• C)decrease; increase
• D)decrease; decrease

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Definitions:

Paul Ehrlich

A scientist known for his work in the fields of immunology and population control.

Julian Simon

An American economist known for his work on population, natural resources, and immigration, emphasizing that human ingenuity can solve many perceived problems.

Resource Prices

The costs associated with the factors of production, including land, labor, and capital.

Natural Resources

Resources that exist without any actions of humankind, obtained from the environment, often used to produce goods and services.