news industry
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The bank is looking for new clients in high-growth industries. Until a few years ago, if a consumer wished to purchase music, he or she would have to buy a recording of it at a store, but there is only a limited supply of compact discs, tapes, or records at any given store. Because of advancements in technology, consumers can now download music with virtually no restrictions on supply. Your manager has asked you to identify a product, aside from the music industry itself, which has experienced a dramatic increase in supply because of technological advancements. What has happened to the variety and price of those products?
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Solution Summary
Impacts on the news industry are discussed.
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One business that has experienced a dramatic increase in supply because of technological advancements is the news industry. Before the internet, one had only a few newspapers to chose from to get their news from. There were costs of going to get the news paper by having to walk to a busy corner or to a convenience store and costs to having it delivered. Plus, there were costs for the newspapers.
The internet led to increased competition. All newspapers were able to have easy access to consumers and the barriers to entry to the industry were lowered. Once one or ...
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