the text below illustrates using the four-step analysis to answer this question.

FIGURE 3.17 The Print News Market: A Four-Step Analysis A change in tastes from print news sources to digital

sources results in a leftward shift in demand for the former. The result is a decrease in both equilibrium price and

quantity.

Step 1. Develop a demand and supply model to think about what the market looked like before the event. The
demand curve D0 and the supply curve S0 show the original relationships. In this case, we perform the analysis
without specific numbers on the price and quantity axis.

Step 2. Did the described change affect supply or demand? A change in tastes, from traditional news sources

(print, radio, and television) to digital sources, caused a change in demand for the former.

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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