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In a market system, suppose that consumers have changed their tastes away from gasoline powered cars....

In a market system, suppose that consumers have changed their tastes away from gasoline powered cars. Use the supply and demand framework to explain how creative destruction will alter the use of resources in society. Provide an example of a market other than the production of gasoline powered cars that will see an effect and how.

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It can be mentioned that inner market system of the consumers have changed their taste away from gasoline powered cars, then what happens is that the demand for gasoline powered cars decrease as a result of which the demand curve shift to the left as a result of which the equilibrium price and equilibrium quantity decreases as shown in the figure. Electric cars have decreased demand because they are substitute to gasoline powered cars and if the price of gasoline powered cause decrease then the demand for electric cars decreases

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