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Why is this statement wrong: "Economists argue that lower prices will result in fewer units being supplied. However, there are exceptions to this rule. For example, in 1972, a very simple 10-digit electronic calculator sold for $120. By 2000, the price of the same type of calculator had declined to less than $5. Yet business firms produced and sold many more calculators in 2000 than they did in 1971. Lower prices did not result in less production or in a decline in the number of calculators supplied."

1. The statement ignores changes in quantity demanded.

2. The statement ignores changes in tastes.

3. The statement ignores changes in demand.

4. The statement ignores changes in the cost of production.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91703609

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