microbook_3e-page34

microbook_3e-page34 - if they had one at all x Q Why do...

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Lecture 3 Supply, Demand and Equilibrium Eric Doviak Principles of Microeconomics Demand x How many TV sets do you have in your house? x One in the kitchen, one in the bedroom, one in the living room . ... x Back in the 1950’s, most families only had one TV,
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Unformatted text preview: if they had one at all. x Q.: Why do families have so many more TV sets today? x A. # 1: They’re cheaper. If price of TV sets rises, then, ceteris paribus, the quantity of TV sets demanded will fall, and vice versa. Page 34...
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