When Supply Decreases and Demand Does Not Change, the Equilibrium

question 116

Multiple Choice

When supply decreases and demand does not change, the equilibrium quantity ________ and the equilibrium price ________.

• A) increases; rises
• B) decreases; falls
• C) increases; falls
• D) decreases; rises

Acknowledge the role of social media in marketing and consumer engagement.

Grasp the concept of cross-channel consumer behavior.

Understand the multichannel marketing strategy and its implementation.

Identify the specific needs and preferences of different customer segments.

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Definitions:

Lower-level Needs

Basic human needs in Maslow's hierarchy, including physiological and safety needs, that must be satisfied before higher-level needs.

Relationship Behaviors

Actions or patterns of action by individuals within a relationship that affect their interaction and communication.

Inspiring People

Individuals who motivate and uplift others through their actions, achievements, values, or character, influencing them positively.

Teamwork Approach

A strategy where individuals work collaboratively towards a common goal, leveraging diverse skills and perspectives.