The Table Gives Data for the Market for a Product

question 13

Multiple Choice

The table gives data for the market for a product. What is the equilibrium price and quantity in this market?

• A)$6 and 60, respectively
• B)$5 and 30, respectively
• C)$3 and 30, respectively
• D)$30 and 3, respectively

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Definitions:

Market Driven

Characterizes businesses or strategies that are primarily shaped by market demands, customer needs, and competitive landscape.

Follower Brands

Brands that enter a market by following the trends set by the leading brands, rather than innovating on their own.

Incremental Innovation

Refers to minor improvements or simple adjustments made to existing products, services, or processes.

Market Driven

Describes a business strategy or approach that is guided by the needs and wants of the market and customers.