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After Conducting a Marketing Study to See What Consumers Thought

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Essay

After conducting a marketing study to see what consumers thought about a new tinted contact lens they were developing, an eyewear company reported, "Consumer satisfaction is strongly correlated with eye color." Comment on this observation.


Definitions:

Equilibrium

The condition that exists when quantity supplied and quantity demanded are equal. At equilibrium, there is no tendency for price to change.

Incentive

A factor, often financial, that motivates individuals or organizations to perform certain actions or behave in a desired way.

Long Run

A period in economics sufficient for all adjustments to be made, including physical capital and not just prices.

Licenses

Official permits to own or do something, typically issued by a government authority.

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