Suppose We Observe That Both the Equilibrium Price of Digital

question 57

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.

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Definitions:

Discretionary Responsibility

The accountability of a company or individual to make ethical decisions and act in the public interest, beyond mere compliance with laws and regulations.

Social Wellbeing

The condition in which individuals feel a sense of belonging and inclusion in a community, experiencing good social relationships and contributions to society.

Economic, Legal

Pertaining to the principles and regulations that govern trade, business activities, and wealth distribution within and between societies.

Legal Expectations

Standards or obligations set by laws and regulations with which individuals or organizations are required to comply.