Examlex
One component of the external environment marketing managers must understand and react to is the economic environment.Briefly describe the three economic areas of greatest concern to U.S.marketers and the marketing implications of trends in these three areas.
Supply Function
A relation that shows the quantity of a good or service that producers are willing and able to sell at each possible price, holding all other factors constant.
Equilibrium Quantity
The quantity of a good or service at which supply equals demand, and the market is in balance, without any excess supply or shortage.
Perfectly Elastic
A situation in economics where the quantity demanded or supplied changes infinitely in response to any change in price.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at various prices.
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