In Each of the Following Situations, List What Will Happen

question 239

Essay

In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good.
a.The population increases and the price of inputs increase.
b.The price of a complement increases and technology advances.
c.The number of firms in the market increases and income increases.
d.Price is expected to increase in the future.
e.Consumer preference increases and the price of a substitute in production decreases.

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Definitions:

Personality Traits

Enduring characteristics or qualities that define an individual’s patterns of thought, emotion, and behavior.

Genetic Predisposition

The increased likelihood of developing certain traits or disorders based on one's genetics.

Behavior Modification

A process in which specific behaviors are identified, defined, measured, and changed using interventions based on principles of applied behavior analysis.

Negative Reactions

Adverse responses or feedback to a particular stimulus, action, or event, often characterized by resistance or opposition.