Assume in a simple example that two changes occur simultaneously in an economy which produces Good X The economic changes that occurs in the market are 1) A decrease in the number of sellers who produce Good X, and 2) An increase in consumer tastes preferences for Good X, for those consumers who pu...

Price M F Assuming that these is a perfect market Demand line Sup ...

Assume in a simple example that two changes occur simultaneously in an economy which produces Good X.

Fantastic news! We've Found the answer you've been seeking!

Assume in a simple example that two changes occur simultaneously in an economy which produces “Good X”.
The economic changes that occurs in the market are: 1) A decrease in the number of sellers who produce “Good X”, and 2) An increase in consumer tastes & preferences for “Good X”, for those consumers who purchase the product “Good X”.
Assume that this is a competitive market, what will happen to the market selling price and the market quantity that is bought and sold in the market for “Good X”?

Can someone give me example of what I can do for this? Please write anything clearly.