An Increase in the Equilibrium Price for a Product Will

question 122

Multiple Choice

An increase in the equilibrium price for a product will result

• A)when the quantity of the product demanded exceeds the quantity supplied.
• B)when there is a decrease in supply and an increase in demand for the product.
• C)when there is a decrease in supply and a decrease in demand for the product.
• D)when there is an increase in demand and an increase in the number of firms producing the product.

---

Definitions:

Supply Chain Strategy

The approach taken by a company to manage the flow of goods, information, and finances from the acquisition of raw materials to the delivery of the product to the end consumer.

Warehousing Functions

Activities related to the storage of goods in a warehouse such as receiving, storing, managing inventory, and preparing goods for distribution.

Push Strategy

A marketing strategy that aims to "push" products towards consumers through channels such as promotions and sales force efforts rather than creating demand through consumer interest.

Sustainable Sourcing

A process of purchasing goods and services that takes into account the long-term impact on people, profits, and planet.