Multiple Choice
We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has 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 rose.
D) Workers who make digital cameras received a pay raise.
Correct Answer:
Verified
Correct Answer:
Verified
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