Over the Last Few Years Demand for Fitbits Have Increased

question 196

Multiple Choice

Over the last few years demand for Fitbits have increased and yet their equilibrium price has fallen.Which of the following best explains this situation?  

• A) There has been a shortage of Fitbits. 
• B) The supply of Fitbits must have decreased. 
• C) The demand curve for Fitbits slopes upward, so an increase in demand leads to a lower price. 
• D) The supply of Fitbits must have increased more than the demand for Fitbits increased.

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Definitions:

Probability

A quantification of the probability that an event will happen, represented as a numerical value ranging from 0 to 1.

Subscriber Owns

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Probability

A measure of the likelihood or chance of an event occurring; a value between 0 and 1.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.