1. Explain why each of the following statements shows move along the demand curve or a shift of the demand curve. a. Apple cuts the price of its iPhone15 b. Vinyl comes back in fashion in the music industry c. An increase in the Federal minimum wage causes a drop in sales of fast food

1. Explain why each of the following statements shows move along the demand curve or a shift of the demand curve. a. Apple cuts the price of its iPhone15 b. Vinyl comes back in fashion in the music industry c. An increase in the Federal minimum wage causes a drop in sales of fast food

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 3QR

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Question

1. Explain why each of the following statements shows move along the demand
curve or a shift of the demand curve.
a. Apple cuts the price of its iPhone15
b. Vinyl comes back in fashion in the music industry
c. An increase in the Federal minimum wage causes a drop in sales of fast food

d. The Acme Company sees a sharp drop in sales after it doubles the price of its
widgets

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