Use the Following to Answer Questions

question 7

Multiple Choice

Use the following to answer questions:
Figure: Supply and Demand
-(Figure: Supply and Demand) Look at the figure Supply and Demand. A price ceiling of P₁ causes:

• A) a shortage equal to the distance AB.
• B) a surplus equal to the distance AB.
• C) a shortage equal to the distance DE.
• D) no change to the market.

---

Definitions:

Brand Name

The unique name given to a product or service by a company to identify and differentiate it in the market.

Brand Mark

A distinct symbol, design, or distinctive coloring or lettering that identifies a brand and differentiates it from others.

Market Share

The percentage of total sales in a market captured by a particular company's product or service.

Co-branding

A marketing strategy that involves partnering between two brands to create a product or service that leverages the strength of both brands.