For Each of the Following Changes,show the Effect on the Demand

question 50

Essay

For each of the following changes,show the effect on the demand curve and state what will happen to market equilibrium price and quantity in the short run.
a.Consumers expect that the price of the good will be higher in the future.
b.The price of a substitute good rises.
c.Consumer incomes fall,and the good is normal.
d.Consumer incomes fall,and the good is inferior.
e.A medical report is published showing that this good is hazardous to your health.
f.The price of the good rises.

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Definitions:

Reconstruction Plan

Relates to the strategies and policies implemented to rebuild and reorganize the Southern United States after the Civil War.

Presidential Pardons

A legal mechanism that allows the president of the United States to fully forgive an individual for federal crimes, thereby removing any remaining penalties or punishments.

Andrew Johnson

The 17th president of the United States, who served from 1865 to 1869, succeeding Abraham Lincoln following his assassination, and was the first American president to be impeached.

Radical Republicans

Group within the Republican Party in the 1850s and 1860s that advocated strong resistance to the expansion of slavery, opposition to compromise with the South in the secession crisis of 1860–1861, emancipation and arming of black soldiers during the Civil War, and equal civil and political rights for blacks during Reconstruction.