What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become more expensive,digital cameras become cheaper,the cost of the resources needed to manufacture traditional film falls,and more firms decide to manufacture traditional film?

Question

Quizplus · Accepted Answer

The increase in price of traditional cameras and decrease in price of digital cameras will lead to a decrease in demand for traditional camera film. As the cost of the resources needed to manufacture traditional film falls, supply will increase. With more firms entering the market, competition will increase, and price will fall. However, the effect on quantity is ambiguous as it depends on the magnitude of the change in supply and demand.

What Will Happen to the Equilibrium Price and Quantity of Traditional