-Refer to the Above Table

question 21

Multiple Choice

-Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be

• A)$200.
• B)$275.
• C)more than $275.
• D)impossible to be determined given the information.

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Definitions:

South Korean Won

The official currency of South Korea, used as a medium of exchange within the country.

Appreciated in Value

An increase in the worth of an asset or currency over time.

Balance of Payments

A record of all economic transactions between the residents of a country and the rest of the world in a given period.

Financial Account

A component of a country's balance of payments that records investments and transactions of financial assets between residents and non-residents.