Give an example that is not in the text of a good that has a change of demand, but not a change of supply. What effect does this change have on the good’s equilibrium price and quantity?

What will be an ideal response?

Should show a thorough understanding of how a change of demand, but not a change in supply, can affect a good’s price and quantity. For example, a celebrity endorsement can significantly increase the demand for a type of blue jeans. However, because production is planned far in advance, the supply may remain the same for some time. As a result, the product is no longer in equilibrium because the quantity demanded is greater than the quantity supplied. As buyers compete for this product, the price increases, which causes the quantity demanded to decrease and the quantity supplied to increase until a new equilibrium is established.