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Use three-step method to analyze how the following events influence the equilibrium price and quantity of HDTV.Technological progress increases the efficiency of mass producing HDTV-capable television sets.

At the same time, more cable and television networks begin broadcasting in HDTV format, increasing the appeal of HDTV-capable television sets. On the basis of this information, what can be said about conditions in the HDTV market?

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Microeconomics, Economics

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