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Changes in consumer tastes

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An increase in the demand for LED light bulbs due to changes in consumer tastes, accompanied by an increase in the supply of LED light bulbs as a result of government subsidies, will result in

  • an increase in the equilibrium quantity of LED light bulbs and no change in the equilibrium price.
  • an increase in the equilibrium price of LED light bulbs and no change in the equilibrium quantity.
  • an increase in the equilibrium price of LED light bulbs; the equilibrium quantity may increase or decrease.
  • an increase in the equilibrium quantity of LED light bulbs; the equilibrium price may increase or decrease.

Reference no: EM131043352

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