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

Question

Quizplus · Accepted Answer

The demand for traditional camera film will increase because traditional cameras are less expensive and digital cameras are more expensive. However, the supply of traditional film will decrease due to higher resource costs and fewer firms manufacturing it. This leads to a higher equilibrium price, but the effect on quantity is ambiguous due to opposing demand and supply changes.

What Will Happen to the Equilibrium Price and Quantity of Traditional