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.
A
Economics
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Pure monopoly: a. is characterized by a single supplier
b. is a market structure in which no close substitute products are available. c. exists when entry and survival of potential competitors is extremely unlikely. d. is characterized by all of the above.
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