A news story states that "Videotapes lose their appeal as consumers switch to DVDs for movies." In a competitive market for the purchase of videotapes of movies, this situation would lead to a(n) :
A) increase in the price of videotapes and the quantity sold.
B) decrease in the price of videotapes and the quantity sold.
C) increase in the price of videotapes and decrease in the quantity sold.
D) decrease in the price of videotapes and increase in the quantity sold.
Correct Answer:
Verified
Q104: Productive efficiency refers to
A) the use of
Q191: Because of their scarcity, the efficient use
Q192: You are asked to determine, other things
Q193: The concept of economic efficiency is primarily
Q194: Q196: In the corn market, demand often exceeds Q197: A headline reads "Gasoline Prices Are Higher." Q198: An "increase in efficiency" suggests that an
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