Use the accompanying graph to answer the following questions.
a. What is the equilibrium price and equilibrium quantity in this market?
b. Draw an increase in demand and explain what happens to the equilibrium price and equilibrium quantity.
c. This is a special type of supply curve that we call an inelastic supply curve. What special property does it have?
Definitions:
Opinion
A personal view, attitude, or appraisal by an individual, which can influence their purchasing decisions but is not based on objective facts.
Customer Benefit Statements
Communications that outline the advantages or positive outcomes that a customer can expect from a product or service.
Curiosity Approach
A sales technique that involves sparking potential customers' interest by revealing information gradually to create intrigue.
Premium Approach
A sales strategy where additional benefits or perks are offered to customers to enhance the perceived value of a purchase.
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