A news story states that "DVDs lose their appeal as consumers switch to online streaming for movies." In a competitive market for DVDs, this situation would lead to a(n)
A) increase in the price and the quantity sold of DVDs.
B) decrease in the price and the quantity sold of DVDs.
C) increase in the price and a decrease in the quantity sold of DVDs.
D) decrease in the price and an increase in the quantity sold of DVDs.
Correct Answer:
Verified
Q296: Q297: The market system automatically corrects a surplus Q298: A market for a product reaches equilibrium Q299: If there was initially a shortage in
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