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Answer to Question #237476 in Economics for CCW

Question #237476

Demand Worksheet - Vocabulary

Word - Product now out of fashion

  • indicate whether demand will increase or decrease
  • provide an explanation as to why
1
Expert's answer
2021-10-02T10:47:54-0400

Consumer tastes and preferences, as well as fashion, are important non-price drivers of demand. If a product goes out of fashion, then the demand for it decreases, while the price falls. Therefore, it is necessary to update the assortment.


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