Step 3. Was the effect on demand positive or negative? A shift to digital news sources will tend to mean a lower

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3.3 • Changes in Equilibrium Price and Quantity: The Four-Step Process 67

quantity demanded of traditional news sources at every given price, causing the demand curve for print and
other traditional news sources to shift to the left, from D0 to D1.

Step 4. Compare the new equilibrium price and quantity to the original equilibrium price. The new equilibrium
(E1) occurs at a lower quantity and a lower price than the original equilibrium (E0).

The decline in print news reading predates 2004. Print newspaper circulation peaked in 1973 and has

declined since then due to competition from television and radio news. In 1991, 55% of Americans indicated

they received their news from print sources, while only 29% did so in 2012. Radio news has followed a similar
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