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Short Answer Questions for Supply and Demand (copy)

For this assignment, you will provide short answers to the following questions. A short answer is 3 to 5 sentences. Then submit your answers to Class Companion for feedback and revise your answers in response to that feedback.

Question 1

Short answer

Over the last decade and a half, Apple has raised the price of an iPhone and the quantity demanded of iPhones has soared. Does this phenomenon disprove the law of demand? Why or why not?

Question 2

Short answer

Above is the market for No. 2 pencils. What will happen in the pencil market if standardized tests are administered online, rather than on paper with bubble sheets? Will the supply or demand change and how will it change? What happens to the equilibrium price and quantity? Why? (You may find it helpful to draw the supply and demand graph and the change that occurs.)

Source 2.1

Question 3

Short answer

Name two non-price determinants of demand and explain how each shifts the curve.

Question 4

Short answer

If the price of a substitute rises, how does that affect the supply or demand for the good? Why?

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