When LCD televisions first came on the market, they sold for at least $1,000, and some for much more.Now many units can be purchased for under $400.These facts imply that
A)the LCD television industry was once competitive but is now monopolistic.
B)fewer firms produce LCD televisions than was the case five or ten years ago.
C)the demand curve for LCD televisions has shifted leftward.
D)the LCD television industry is a decreasing-cost industry.Difficulty: 02 Medium

Question

Quizplus · Accepted Answer

The decrease in prices over time suggests that the LCD television industry is a decreasing-cost industry, where costs decrease as production increases, leading to lower prices.

When LCD Televisions First Came on the Market, They Sold