If the Supply of a Product Decreases,then We Would Expect

question 10

Multiple Choice

If the supply of a product decreases,then we would expect equilibrium price

• A)to increase and equilibrium quantity to decrease.
• B)to decrease and equilibrium quantity to increase.
• C)and equilibrium quantity to both increase.
• D)and equilibrium quantity to both decrease.

---

Definitions:

Brand Equity

The value derived from consumer perception of a brand name as opposed to generic or store-branded products.

Product Extension

A marketing strategy in which an existing product is introduced to a new market or modified for a new segment, expanding its reach or functionality.

Brand Recognition

The extent to which consumers can identify a brand by its attributes, symbol, or design, without seeing the brand name.

Taco Bell

An American-based chain of fast food restaurants known for its Mexican-inspired menu items such as tacos and burritos.