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Question & Answer
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Demand will decrease, and supply will increase
Demand will increase, and supply will decrease
Demand will increase, and supply will increase
Demand will decrease, and supply will decrease
Understanding the Answer
Let's break down why this is correct
When the price goes down, people can buy more phones because they are cheaper. Other options are incorrect because Some think that cheaper phones make people want less; It is easy to think that more buyers mean sellers will cut back.
Key Concepts
Demand and Supply Basics
medium level question
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Deep Dive: Demand and Supply Basics
Master the fundamentals
Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
Topic Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
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