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If Both Demand and Supply Decrease, but the Decrease in Demand

question 70

Multiple Choice

If both demand and supply decrease, but the decrease in demand is greater than the decrease in supply, then the equilibrium price _____ and equilibrium output _____.


Definitions:

Perceived Environment

How individuals interpret or view their surroundings, which can greatly influence their thoughts, behaviors, and actions.

Strategy Formulation

The process of deciding the best courses of action for accomplishing organizational objectives and hence achieving organizational purpose.

High Differentiation

A strategy or condition where products, services, or organizations are distinctly different from those of competitors.

Marketing Managers

Professionals responsible for planning, directing, or coordinating marketing policies and programs, such as determining the demand for products and services offered by a firm and its competitors.

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