4) Suppose that a prestigious journal reports that the regular consumption of wa

Question

4) Suppose that a prestigious journal reports that the regular consumption of walnuts reduces risk of heart disease. As a consequence, the demand for walnuts increases (walnut demand shifts out to the right or northeast a) This change in demand would best be characterized as a change in preferences b) Walnuts would switch from becoming inferior goods to normal goods. c) This would be described as a change in the price of a substitute product because heart disease is something no one wants. d) All of the above

Explanation / Answer

Answer is a. This change in demand would best be characterized as a change in preference.

Explanation:

The information on uses of walnuts and the importance of consumption of walnuts for human health will develop the preference of walnuts for the consumers.

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