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How did Apple have a runaway success on its hands?
The company introduced the iPod digital music player.
After paying a royalty to record companies, what happened to Apple?
After paying a royalty to record companies, Apple does not make a lot of profit from the songs it sells on iTunes.
What makes Apple stand out from other competitors?
Apple makes the iPods and owns iTunes, the two systems work smoothly together.
What are today firms introducing?
Today firms are introducing products with combined features such as 'music phones' and digital music players with video.
Describe the shape of demand curve.
Downward sloping.
In real world, what is similar between demand and supply curves?
In real world, these curves are not straight lines but are often drawn as such in economic models for convenience.
What can be said about the market for restaurant meals?
The market for restaurant meals, is purchased locally would include all the consumers in a city or a relatively small area.
Give example of products that are sold internationally.
MP3 player.
What happens when buyers demand a larger quantity of a product?
The price falls because the product becomes less expensive relative to other products and because they can afford to buy more at a lower price.
Comment on the law of demand.
The law of demand holds for almost any market demand curve.
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