-The figure above shows the market for digital cameras. If there are technological advances in making digital cameras, the efficient quantity of digital cameras will be ________ thousand cameras and the equilibrium quantity will be ________ thousand cameras.

Question

Quizplus · Accepted Answer

Technological advances typically lead to a decrease in production costs, which shifts the supply curve to the right. This results in a higher equilibrium quantity and efficient quantity, both greater than 300 thousand cameras.

-The Figure Above Shows the Market for Digital Cameras