Suppose we observe that both the equilibrium price of digital cameras and the equilibrium quantity of digital cameras have increased. Which of the following events could be responsible for this?
A) the price of film cameras fell
B) workers who make digital cameras received a pay raise
C) technological advances in digital camera production
D) consumersʹ preferences changed in favor of digital cameras
Correct Answer:
Verified
Q310: If technological advances lower the cost of
Q311: Beef and leather belts are complements in
Q312: When supply decreases and demand does not
Q313: Which of the following statements is correct?
A)
Q314: Every spring, motorists do more driving than
Q316: In the market for bananas, the price
Q317: Suppose we observe that both the equilibrium
Q318: You observe that the price of a
Q319: You observe that in the market for
Q320: During the last decade, the price of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents