which of the following correctly states the effects on equilibrium price and quantity,due to an increase in demand, while holding everything else constant?

A.3-D televisions become popular and the equilibrium price and quantity of 3-D televisions increase

B.3-D televisions become unpopular and the equilibrium price and the quantity of 3-D TVs fall

C.Both

D.None of the Above

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Deepika MirchandaniLv5

11 Sep 2020

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Assume the United States is an importer of televisions and there are no trade restrictions. U.S. consumers buy 1.1 million televisions per year, of which 500,000 are produced domestically and 600,000 are imported.

The following graph shows the domestic demand and supply for televisions in the United States.

A. Suppose that a technological advance among Japanese television manufacturers causes the world price of televisions to fall by $120. After the fall in price, consumers buy 1.4 million televisions, of which 200,000 are produced domestically and 1.2 million are imported. Because the United States imports televisions, ____________ (P1, P2, P3 or P4) represents the world price before the technological advance, and ____________ (P1, P2, P3 or P4) represents the world price after the technological advance.

B. Given the previous information, determine the values for each of the quantities found on the previous graph and enter them into the following table.