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Brad is a brand manager of a line of laundry detergent products in his company.His company's sales representative in Dayton,OH informed him that a competitor was conducting a test-market of a new line of strongly-scented laundry products.Brad knew from consumer research that consumers do not like overly strong scents,so he directed this sales representative to purchase all of the competitor's product in the stores in an attempt to make the product appear to sell well in the test-market so that the company will falsely believe that the product was successful.Brad's actions are called:
Equilibrium Price
The price at which the quantity of a good demanded equals the quantity supplied, leading to market balance.
Equilibrium Quantity
The amount of goods or services that is supplied and demanded at the equilibrium price.
Price Floor
A minimum price set by the government for certain goods and services, which cannot legally be lowered.
Temporary Surplus
A short-term situation where the supply of a product or service exceeds its demand, often leading to price reductions.
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