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) technological advances in digital camera production
B) consumers' preferences changed in favor of digital cameras
C) the price of film cameras fell
D) workers who make digital cameras received a pay raise
Correct Answer:
Verified
Q310: If the price of crude oil falls,
Q311: Leather belts and leather shoes are substitutes
Q312: In 2015, the price of peanuts was
Q313: A decrease in the demand for beef
Q314: If more people buy hybrid cars that
Q316: Suppose we observe that both the equilibrium
Q317: If technological advances lower the cost of
Q318: You observe that in the market for
Q319: After the sugar substitute saccharin was found
Q320: Bicycles are made out of steel. If
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