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Recall the Application about the changes in supply and demand in the cruise ship industry in 2009 and
2010 to answer the following question(s) .
-According to this Application, the investment in new cruise ships in 2009 and 2010 caused the _______ curve for cruise ship berths to shift to the _______.
Lowball
A strategy where an initially favorable offer is made with the intention of introducing less favorable terms or conditions later.
Scarcity Principle
A social psychology principle stating that people value and desire something more highly when it is rare or difficult to obtain.
Scarcity
A situation in which resources are insufficient to satisfy all wants and needs.
Reactance
A motivational reaction to offers, persons, rules, or regulations that threaten or eliminate specific behavioral freedoms.
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