If consumer preference for a product increases, this will cause the equilibrium price of the product to go down, and the equilibrium quantity of the product to go up.

Question

Quizplus · Accepted Answer

When consumer preference for a product increases, demand for the product increases, leading to a higher equilibrium price and a higher equilibrium quantity, as suppliers can charge more due to increased demand.

If Consumer Preference for a Product Increases, This Will Cause