The table given below reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices.Table 3.1
-Last year a firm made 1,000 units of its product available at a price of $5 per unit. This year the firm will still make 1,000 units available, but only if the price is $7 per unit. What is most likely to have happened?
Definitions:
Small Retailers
Businesses that operate on a smaller scale compared to large chains, typically offering a more personalized shopping experience.
Indirect Channel
A path that goods or services take from the producer to the customer through intermediaries, such as wholesalers, distributors, or retailers.
Automobile Manufacturers
Companies that design, produce, market, and sell motor vehicles.
Consumer
An individual or group who purchases goods and services for personal use.
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