The price of iPhones™ is falling.In a free-market economic system where everything else is equal,the most likely explanation is:
A)Suppliers are not producing enough product.
B)Sellers cannot keep up with market demand.
C)The government determined that the product was not worth the price tag that the producer was asking.
D)The product has competition at the equilibrium price.

Question

Quizplus · Accepted Answer

The product has competition at the equilibrium price. As more competitors enter the market, the price of the product is forced to decrease in order to remain competitive.

The Price of IPhones™ Is Falling