Think about a product or service that has undergone a dramatic increase in popularity in recent years,

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Question:

Think about a product or service that has undergone a dramatic increase in popularity in recent years, such as electric vehicles (EVs) or streaming services. Discuss how changes in consumer preferences and technological advancements have influenced the demand for this product or service. How have companies responded to this increase in demand? Have there been any shifts in the supply curve due to changes in production capacity or costs? How have these changes affected pricing and competition in the industry? Can you predict how supply and demand for this product or service might evolve in the future