The Disentangling of Supply and Demand in the Change in Equilibrium

We find that media owns by large media group tend to see the circulation increase more than others. Why is it the case? Well, just think of entering as a media owner, of entering a new market, you're going to be facing high cost. And on the team and side, you just are facing your marginal cost. So this has implication in terms of what we should observe in the data. In the short run, we have a domination of the supply response up to 80% of the total change that we observe in media consumption being due to a shift in the supply curve. The longer run over 10 years, it's 60% of thetotal increase that is linked to the shift