Prices of Smartphones (Assume That This Is a Normal Good)have

question 215

Multiple Choice

Prices of smartphones (assume that this is a normal good) 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?

• A)The supply curve for smartphones has shifted to the right while the demand curve for smartphones has shifted to the left.
• B)The demand curve for smartphones has shifted to the right more than the supply curve has shifted to the right.
• C)The demand curve and the supply curve for smartphones have both shifted to the left.
• D)The supply curve for smartphones has shifted to the right more than the demand curve has shifted to the right.

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Definitions:

American Gothic

A painting by Grant Wood from 1930, depicting a farmer and his daughter standing in front of a house, iconic for its portrayal of rural American life.

Grant Wood

An American painter best known for his paintings depicting the rural American Midwest, particularly the painting "American Gothic."

Lancet Window

A tall, narrow window with a pointed arch at the top, commonly found in Gothic architecture.

Mexican Mural

A form of mural painting associated with the Mexican Muralism movement, often conveying social and political messages.