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When plasma television sets were first introduced prices were high and few firms were in the market.

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8 years ago

When plasma television sets were first introduced prices were high and few firms were in the market.

When plasma television sets were first introduced prices were high and few firms were in the market. Later, economic profits attracted new firms and the price of plasma televisions fell. This example illustrates
A) a decreasing-cost industry.
B) that consumers receive this new technology "free of charge" in the sense that they only have to pay a price for plasma televisions equal to the lowest production cost.
C) an industry with a low minimum efficient scale.
D) how fickle consumer demands are.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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Tidy Author

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8 years ago

Brilliant ツ

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Just got PERFECT on my quiz

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Good timing, thanks!

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