Multiple Choice
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) Consumers' preferences changed in favour of digital cameras.
B) Technological advances in digital camera production.
C) Workers who make digital cameras received a pay raise.
D) The price of film cameras fell.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: Oatmeal is a normal good and cold
Q34: Suppose a market begins in equilibrium. If
Q46: Good A and good B are substitutes
Q52: If technological advances lower the cost of
Q54: When the price is below the equilibrium
Q55: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4952/.jpg" alt=" -The figure above
Q56: Which of the following results in a
Q58: The "law of demand" implies that demand
Q59: Scarcity guarantees that<br>A) most demands will be
Q62: If consumers but not producers expect that