1. Consider the demand for gas in the US. Suppose that due to reading news reports that buyers expect the price of gas to rise. Please draw the demand curve for gas and the effect of this change.
2. Consider the demand for iPhones. Suppose Apple decides to raise the price of its iPhones and as a result people decide to buy far fewer iPhones than before.

Please draw the demand curve for iPhones and the effect from this increase in price.

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ANSWER a If the buyers expect the price of gas to increase in the fut... View the full answer