An Increase in Demand for Chocolate Chips Would Usually Result

question 228

Multiple Choice

An increase in demand for chocolate chips would usually result in a(n)

• A)higher equilibrium price and a lower equilibrium quantity
• B)lower equilibrium price and a lower equilibrium quantity
• C)lower equilibrium price and a higher equilibrium quantity
• D)higher equilibrium price and a higher equilibrium quantity
• E)increase in the supply of chocolate chips

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Definitions:

Historical Demand

Past data on the quantity of a product or service that consumers bought over a specific time period, used for forecasting future demand.

Qualitative Forecasting Methods

Techniques that use expert judgment and subjective inputs to forecast outcomes, rather than relying solely on historical numerical data.

Causal Forecasting Methods

Predictive techniques that assume a cause-and-effect relationship between variables to estimate future outcomes.

Demand Forecast

The process of estimating the future demand for a product or service, based on historical data, current market trends, and predictive analysis.