Problem
Six out of ten teens no longer use watches to tell time-they've turned to cell phones and iPods. Sales of inexpensive watches dropped 12% from 2004 to 2005, and sales of teen favorite, Fossil, Inc., fell 19%. (Leslie Earnest, "Wristwatches Get the Back of the Hand," Los Angeles Times, April 16, 2006.) On the other hand, the price of inexpensive watches has not changed substantially. What can you conclude about the shape of the supply curve? Illustrate these events using a graph.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.