Equitable Expectations Are Expectations of What a Consumer Thinks Should

question 53

True/False

Equitable expectations are expectations of what a consumer thinks should happen given past experiences with a product or service.

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Definitions:

Increase

An upward movement in quantity, price, or value.

Increase in Supply

A situation where the quantity of a good or service that producers are willing to supply at a given price rises.

Increase in Demand

A situation where consumers are willing and able to purchase more of a good or service at each possible price, often depicted by a rightward shift in the demand curve.

Decrease

A reduction in size, number, value, or extent.