You are asked to determine,other things equal,the effects of a given change in a determinant of demand or supply for product X upon (1)the demand (D)for,or supply (S)of,X, (2)the equilibrium price (P)of X and (3)the equilibrium quantity (Q)of X.
-Refer to the above.An increase in the tastes and preferences for X will:

Question

Quizplus · Accepted Answer

An increase in the tastes and preferences for X will increase the demand (D) for X, which will result in an increase in the equilibrium price (P) of X and an increase in the equilibrium quantity (Q) of X. This is because the increase in demand will shift the demand curve to the right, leading to higher prices and increased quantity demanded.

You Are Asked to Determine,other Things Equal,the Effects of a Given