1 Think of a relevant example in your own life of how a change in the market including information, preferences, technology, price of alternative goods, regulations, taxes, etc has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?

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mystical191 mystical191

02-07-2022
Business

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1 Think of a relevant example in your own life of how a change in the market including information, preferences, technology, price of alternative goods, regulations, taxes, etc has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?

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Martebi Martebi · Answer 1 · 2022-07-04T18:52:47+02:00

A relevant example in my own life of how a change in the market in terms of information, technology and others has shifted the demand of a good is when I and some others knew that one can work easily from home through the use of a laptop and as such, the demand for laptops became very high as well as affordable internet subscription plan.

What is shift in demand?

A shift in demand connote when at any given price, the quantity demanded of a product or services is said to be different than it was before then and as such, shift in demand can happen due to income increase.

Therefore, a relevant example in my own life of how a change in the market in terms of information, technology and others has shifted the demand of a good is when I and some others knew that one can work easily from home through the use of a laptop and as such, the demand for laptops became very high as well as affordable internet subscription plan.

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