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Give an example of a change in demand due to consumer taste and preferences.

User Ppawel
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Final answer:

Consumer taste and preference changes, such as the shift from traditional to digital news sources, significantly impact demand, as seen with the evolving American consumption patterns of chicken and beef.

Step-by-step explanation:

An example of a change in demand due to consumer taste and preferences is the shift from traditional news sources such as print, radio, and television to digital sources.

This change in tastes has led to a decrease in demand for traditional news formats and an increase in demand for digital news platforms. Income, population changes, and the prices of related goods, including substitutes and complements, are other factors that can cause demand shifts.

Regarding beef and chicken consumption, American tastes have evolved from 1980 to 2021, resulting in an increased demand for chicken (with demand curves shifting rightward) and a decreased demand for beef (demand curves shifting leftward).

User SamK
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