Explain what happens to the equilibrium price

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Reference no: EM133328064

Question: You are required to elaborate on your answers, though there is no need to use graphs.

a. Distinguish between a change in quantity demanded and a shift in demand.

b. Explain the impact of consumers' increase in tastes and preferences on the demand curve of a good.

c. Explain what happens to the demand of pork when there is an increase in the price of beef.

d. Explain what happens to the demand for automobiles when the price of gasoline declines.

e. Explain what happens to the demand for bread when a consumer's income rises.

f. Explain what happens to the equilibrium price when both demand and supply curves shift simultaneously. Discuss, in some detail, the possible shifts.

Reference no: EM133328064

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