In the following question 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.
-An increase in the tastes and preferences for X will:

Question

In the following question 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. 
-An increase in the tastes and preferences for X will:

Quizplus · Accepted Answer

An increase in tastes and preferences for product X will increase the demand for X, leading to a higher equilibrium price and a higher equilibrium quantity.

In the Following Question You Are Asked to Determine, Other