As a result of a change in consumer tastes in favor of your firm's product, you should anticipate a ________price for your product than the current equilibrium price and a________equilibrium quantity than the current equilibrium quantity.

Question

Quizplus · Accepted Answer

A change in consumer tastes in favor of your firm's product would increase the demand for your product. This would shift the demand curve to the right, resulting in a higher equilibrium price and a higher equilibrium quantity. Therefore, choice A is the correct answer.

As a Result of a Change in Consumer Tastes in Favor