Answer to Question #85807 in Economics for Crystal Gonzalez

Question

Equilibrium Homework

The digital revolution of the last decade has helped make Best Buy one of the nations better performing retailers. As high-tech gadgets become more affordable, consumers have flocked to Best Buy... especially during the holidays. In the fourth quarter of 2003, the company posted a stellar again in same-store sales. Hot demand for digital cameras, DVD players and plasma-screen TVs fueled the strong sales growth. Best Buy also benefited from robust demand for electronics products in the first quarter.

a) Write the name of the market on the graph.
b) How is demand affected?
Increase Decrease No Change
c) How is supply affected?
Increase Decrease No Change
d) Using labels, draw the change on the graph.
e) How did price change?
Increase Decrease Unknown
f) How did quantity change?
Increase Decrease Unknown

Answer 1

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