Wednesday
July 23, 2014

Homework Help: economics

Posted by Mel on Wednesday, July 1, 2009 at 9:02am.

Over the last two decades, the price of personal computers in real as well as nominal terms has declined markedly. Does this mean that the personal computer industry is decreasing-cost and that the long run supply curve for personal computers is downward sloping?

Am I correct with this answer?

No one can say for sure, with more firms entering the market it drives the price down even though the demand for the product increases. Economists imply this is a rise of competition from an initial monopoly position and not a movement along an industry’s long run supply curve.

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