Consider an example of a market for electric cars.
Rising Demand for Electric Cars: As environmental awareness grows, more consumers opt for electric vehicles (EVs) over traditional gasoline-powered cars. This change in consumer preferences signifies a rightward shift in the demand curve for electric cars, leaving the supply unchanged.
Decreasing Demand for Electric Cars: Conversely, should technological issues or concerns over electric vehicle battery life emerge, public interest might wane. Such worries lead to a leftward shift in the demand curve for EVs.
These scenarios illustrate the market's natural mechanism to adjust and find a new equilibrium point in response to shifts in demand. The duration of this adjustment process varies, influenced by the speed at which manufacturers can adapt to changes and how quickly consumer sentiments shift.
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