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?
A major product that has seen a dramatic increase in supply is cable television. With the advent of ...
The solution goes into a great amount of detail related to the demand and supply question being asked. The solution is very easy to follow along and can be easily understood by anyone with a basic understanding of the concepts. The solution answers all the question(s) being asked in a succinct way. Overall, an excellent response.