Final answer:
The film industry in the 1970s/80s experienced increased studio competition, higher movie budgets, and a reinforcement of popular film genres. Special effects became a more integral part of filmmaking, reflecting the era's advancements in technology and audience expectations.
Step-by-step explanation:
As Hollywood generated fewer movies beginning in the 1970s/80s, a number of outcomes resulted from these changes in the film industry. Firstly, there was an increased competition among film studios to attract audiences. Secondly, there was a trend towards higher production budgets for individual movies, as studios aimed to create more elaborate and premium content to lure moviegoers. Contrary to seeing a decline in the diversity of film genres, the era saw the persistence of popular genres like dramas and romantic comedies, along with an increase in horror films and movies featuring music idols to attract teenage audiences. Additionally, with the rise of special effects, there was certainly no reduced reliance on special effects; in fact, movies began to increasingly leverage new technologies and special effects to captivate their audiences.