Using the supply and demand diagrams (one for each market), show what short-run changes in price and quantity would be expected in the following markets if worries about weight gain from fat consumption cause consumers to reduce the demand for ice cream. Each graph should contain the original and new demand and supply curves, and the original and new equilibrium prices and quantities. For each market, write one sentence explaining why each curve shifts or does not shift.
Definitions:
Cohabitating Couple
Two people living together in a romantic relationship without being married.
Marital Dissolution
The process of ending a marriage through legal divorce or separation.
Prenuptial Agreements
Legal contracts signed before marriage, outlining the division of assets in case of divorce.
Young Adults
Individuals in the age group typically ranging from 18 to 25 years old, often characterized by transitions in education, employment, and personal relationships.
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