If any of the initial conditions that influence demand change, there will be a new equilibrium price and a new equilibrium quantity in a competitive market.

Name: If any of the initial conditions that influence demand change, there will be a new equilibrium price and a new equilibrium quantity in a competitive market.
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Changes in initial conditions, such as consumer preferences, income, or prices of related goods, shift demand or supply curves, leading to a new equilibrium price and quantity.

If Any of the Initial Conditions That Influence Demand Change