Multiple Choice
Suppose we observe that both the equilibrium price of film cameras and the equilibrium quantity of film cameras have fallen. Which of the following could be responsible for this?
A) Consumers' preferences changed in favor of digital cameras.
B) technological advances in film camera production
C) Workers who make cameras received a pay raise.
D) The price of digital cameras increased.
Correct Answer:
Verified
Correct Answer:
Verified
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