Demand and supply curves (3)

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1.

Question 3

Explain how a change in consumer expectations about future prices could affect the current demand for a product. (12 marks)

2.

Question 2: Consider the market for organic fruit. Discuss how changes in consumer tastes and preferences can affect the supply of organic fruit. Explain the implications of these changes for the equilibrium price and quantity in the market.

3.

Question 3: Explain how a change in the price of a complementary good affects the demand curve for a particular product. Use a diagram to illustrate the impact. Discuss the implications of this relationship for businesses.