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How can I respond back to this post: Let's focus on the product: electric cars. An example of a shift factor affecting the demand curve
How can I respond back to this post: Let's focus on the product: electric cars. An example of a shift factor affecting the demand curve for electric cars could be changes in consumer preferences towards environmentally friendly vehicles. Suppose there is a widespread awareness campaign highlighting the benefits of electric cars for the environment and the potential cost savings in the long run. This shift in consumer preferences towards eco-friendly transportation options would lead to an increase in demand for electric cars. As a result, the demand curve for electric cars would shift to the right. This increase in demand would likely lead to an increase in the equilibrium market price for electric cars, as well as an increase in the quantity purchased. Therefore, the change in demand for electric cars would affect the equilibrium market price for the product
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