Suppose We Observe That Both the Equilibrium Price of Digital

question 432

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) technological advances in digital camera production
• B) consumers' preferences changed in favor of digital cameras
• C) the price of film cameras fell
• D) workers who make digital cameras received a pay raise

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Definitions:

Fredric Jameson

Fredric Jameson is an American literary critic and theorist, known for his analysis of contemporary cultural trends and the influence of capitalism on art and society.

Karl Marx

A 19th-century philosopher, economist, and revolutionary socialist whose works have influenced social theory and the development of the social sciences.

Capitalism

is an economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods that are determined mainly in a free market.

Alienation

A state or experience of being isolated, detached, or disconnected from oneself, others, or society, often used in social sciences to describe a sense of estrangement produced by social structures.