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Shifting Demand for Fish and Its Causes

Question

Explain two causes of a shift to the right in the demand curve for fish.

Category:

Market Structures and Competition

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Preview Answer

I. 🍃Introduction
- Explanation of the importance of understanding factors that affect demand for fish

II. Rise in the price of a substitute for fish
- Explanation of how this affects demand for fish
- Example of a substitute for fish
- How people will switch away from buying the substitute and buy more fish instead

III. Fall in the price of a complement for fish
- Explanation of how this affects demand for fish
- Example of a complement for fish
- How people will buy more of the complement and more fish as a result

IV. A rise in income
- Explanation of how this affects demand for fish
- How people will be able to afford to buy more fish

V. A report stating eating fish is good for health / changes in tastes
- Explanation of how this affects demand for fish
- How people may buy more fish to try to increase their life expectancy
- How changes in tastes may lead to increased demand for fish

VI. Increase in population size
- Explanation of how this affects demand for fish
- How more people will buy fish

VII. A successful advertising campaign
- Explanation of how this affects demand for fish
- How a successful advertising campaign may persuade more people to buy fish

VIII. 👉Conclusion
- Recap of the factors that affect demand for fish
- Importance of understanding these factors for businesses in the fish industry.

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