Effects of market shocks-price and quantity

Reference no: EM1366690

For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).

a. Consumers expect that the price of the good will be higher in the future.

b. The price of a substitute good rises.

c. Consumer incomes fall, and the good is normal.

d. Consumer incomes fall, and the good is inferior.

e. A medical report is published showing that this good is hazardous to your health.

f. The price of the good rises.

Reference no: EM1366690

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