This preview shows page 1. Sign up to view the full content.
Unformatted text preview: omeone
who has signed up to receive it. It
would also not exist without the
entrepreneurs who saw an unfulfilled demand on the part of consumers for more choices and greater
control over their entertainment.
New technology and entrepreneurship—the combination that
today gives us many of our new
products—are the catalysts behind
the supply of new products.
ABOUT IT Do you think the technology exists today to
develop new products that aren’t
being developed because entrepreneurs think no one would buy
them? What might these new products (that could be developed but
aren’t being developed) do? Will
they brush your teeth for you? Will
they make your bed for you? If you
were an entrepreneur, what new
products would you supply? example, sellers want to sell more computers
How would we graphically represent a
decrease in supply? In Exhibit 5-4, again let’s
suppose that S1 is our original (and current)
supply curve. A decrease in supply is represented as a shift leftward in the supply curve
from S1 to S3. This decrease in supply means
that sellers want to sell less of the good at 05 (110-127) EMC Chap 05...
View Full Document
This document was uploaded on 01/16/2014.
- Winter '14