Asked by Hayley Stephenson on Sep 24, 2024
Verified
How does an increase in the price of laptop memory chips affect the market of laptops?
A) The demand curve for laptops shifts to the right
B) The demand curve for laptops shifts to the left
C) The supply curve for laptops shifts to the right
D) The supply curve for laptops shifts to the left
Laptop Memory Chips
Integrated circuits used in laptops to store data temporarily, enhancing the device’s processing speed and multitasking capabilities.
Demand Curve
A visual chart that illustrates how the demand for a product varies with its price changes, displaying the correlation between the cost of an item and the amount consumers are willing to buy at different prices.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity supplied, typically upward sloping.
- Assess the consequences of external variables, like progress in technology or alterations in the cost of resources, on the supply and demand within the market.
Verified Answer
RV
Rahila Valani3 days ago
Final Answer :
D
Explanation :
An increase in the price of laptop memory chips increases the production costs for laptops, making it more expensive to produce them. This would likely lead to a decrease in the quantity supplied at each price point, represented by a leftward shift of the supply curve for laptops.
Learning Objectives
- Assess the consequences of external variables, like progress in technology or alterations in the cost of resources, on the supply and demand within the market.