Use the following to answer questions:
Figure: Supply, Demand, and Equilibrium 
-(Figure: Supply, Demand, and Equilibrium) Look at the figure Supply, Demand, and Equilibrium. In the figure, there will be excess demand for the good at a price of P3.
Definitions:
Product Life Cycle
The stages a product goes through from introduction to growth, maturity, and finally decline in the market.
Harvesting Strategy
A business approach focused on extracting maximum profit from a product, market segment, or business unit with no intention of long-term investment.
Decline Stage
A phase in the product lifecycle characterized by a decrease in sales and profits, often leading to the eventual withdrawal of the product from the market.
Product Category
A group of products that are closely related either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
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