George Is Analyzing the Market for His Bagel Business

question 37

Multiple Choice

George is analyzing the market for his bagel business. He knows that his shop has the highest quality bagel in the city. He has picked up several customers who previously shopped at a competitor but told him they switched because of his consistent quality. For George's bagel business, this represents a(n)

• A) weakness.
• B) threat.
• C) opportunity.
• D) strength.
• E) obligation.

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Definitions:

Equilibrium Quantity

The amount of products or services offered and sought after at the balance price.

Supply Shifts

Changes in the quantity of a product or service that suppliers are willing and able to offer for sale at all possible prices.

Equilibrium Price

The price point at which the supply of goods aligns perfectly with the demand for those goods.

Supply

The total amount of a specific good or service that is available to consumers, often influenced by price, production costs, and market demand.