Final answer:
As rainboots gain popularity as a stylish item, the demand curve for rainboots shifts to the right, symbolizing increased quantity demanded at every price due to factors such as a taste shift, population changes, rising income, price changes in substitutes, and complements.
Step-by-step explanation:
When people begin to like rainboots more as a stylish item, we expect a taste shift to greater popularity, which in turn would cause the demand curve for rainboots to shift to the right. This shift indicates an increase in the quantity demanded at every price point.
Several factors contribute to this scenario:
- A taste shift to greater popularity implies that rainboots have become more fashionable or desirable, leading to an increase in their demand.
- The population likely to buy rainboots increases as they become trendy, further pushing demand upward.
- If income rises and rainboots are considered a normal good, people will have more disposable income to spend on non-essential items like fashionable rainboots.
- A rise in the price of substitutes would make rainboots more attractive comparatively, as people may switch from the now more expensive alternatives to rainboots.
- Conversely, if the price of complements falls, such as waterproof coats, people might buy more rainboots to match these items, again increasing demand for rainboots.
All these factors would lead to a rightward shift of the demand curve for rainboots, graphically representing a higher quantity demanded at each price level.