Final answer:
The demand for Tom's increases during prom season when it becomes a fashion trend to wear them with prom dresses. This is a result of shifted consumer preferences, which leads to a higher equilibrium price and quantity sold.
Step-by-step explanation:
When it becomes fashionable to wear sequined Tom's with your prom dress, the demand for Tom's during prom season increases. This increase in demand is due to the change in consumer preferences, which can have a significant impact on the demand curve for a product. In typical market behavior, when a product becomes trendy or popular, more people want to purchase it, particularly if it's associated with a significant event like prom.
Analogous to the scenarios provided as a reference, such as when new nightclubs open and the demand for movie tickets falls, or when a tax is removed and the quantity supplied of movies increases, the underlying principle is that changes in the market - whether they be in consumer preferences, taxes, or availability of substitutes - affect both demand and supply curves. Specifically, when there is an increase in demand while supply remains constant, we often see an increase in the equilibrium price and quantity. Conversely, a decrease in demand or an increase in supply will generally lead to a decrease in the equilibrium price and may affect the equilibrium quantity in various ways.