Solved: Prices of smartphones assume that this is a normal good, Business Economics

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Prices of smartphones assume that this is a normal good

Prices of smartphones (assume that this is a normal good) have fallen in recent years. Over this same period, the price of the components used to produce smartphones has also fallen and consumer incomes have risen. Which of the following best explains the falling prices of smartphones?

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Business Economics: Prices of smartphones assume that this is a normal good

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