Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 14 - Rent, Interest, and Profit - Questions - Page 310: 11c

Answer

Profit earned from new products. Changes in consumer tastes creates a new sense of popularity. A good may now be in high demand; it does not necessarily have to be new, consumers just may desire the product for other reasons.

Work Step by Step

This question asks you to understand the changes of consumer habits and the effect it has on goods demanded.
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