Jamal Needed a New Cell Phone but Didn't Have a Lot

question 146

Multiple Choice

Jamal needed a new cell phone but didn't have a lot of money. He went to TechBargains.com and typed "cheap cell phones" into the search bar. As he was scrolling through his options, he noticed very few brands under $50 and far more brands selling for $100 or more. Which of the following statements best describes what Jamal has observed?

• A) Generally speaking, the higher the price point, the greater the demand.
• B) Generally speaking, the higher the price point, the more supply is available.
• C) In general, as price goes down, demand goes up.
• D) In general, as price goes down, supply goes up.

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Definitions:

Affiliative Behaviour

Actions aimed at creating or maintaining social bonds, often seen as a response to stress or anxiety.

Privacy

The right or condition of being free from unauthorized intrusion or disclosure of personal information.

Comparison Level

A standard that develops over time, allowing us to judge whether a new relationship is profitable or not.

Minimax Strategy

In relating to others, we try to minimise the costs and maximise the rewards that accrue.