Supply and Demand of online retailers

Jun 6th, 2015
Business Finance
Price: $15 USD

Question description

Consider the supply and demand for prescription contact lenses. Now a new technology is introduced, the Internet, which makes it possible for vendors (sellers) of contact lenses from all over the country to make their product available to consumers.

  1. How can we show the new situation by drawing demand and supply curves?
  2. Will the new equilibrium price be higher or lower than the old price?
  3. Will the new equilibrium quantity be higher or lower than the old quantity?

Tutor Answer

(Top Tutor) Ressy M
School: UT Austin

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