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

path in recent decades, with the share of Americans obtaining their news from radio declining from 54% in

1991 to 33% in 2012. Television news has held its own in recent years, with a market share staying in the mid

to upper fifties. What does this suggest for the future, given that two-thirds of Americans under 30 years old

say they do not obtain their news from television at all?

The Interconnections and Speed of Adjustment in Real Markets

In the real world, many factors that affect demand and supply can change all at once. For example, the demand

for cars might increase because of rising incomes and population, and it might decrease because of rising

gasoline prices (a complementary good). Likewise, the supply of cars might increase because of innovative new
technologies that reduce the cost of car production, and it might decrease as a result of new government
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