Answer to Question #212767 in Economics for Mosa

Question #212767

Briefly explain and illustrate graphically the impact the change in consumers tastes and preferences will have on the original demand curve.


1
Expert's answer
2021-07-05T08:58:44-0400

Change in consumer tastes and preferences decrease demand for the initial consumer favourites. Demand curve for them shifts leftward and decreases equilibrium price.


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