Fill in the table below, showing whether equilibrium price and equilibrium quantity go up, go down, stay the same, or change ambiguously.
Definitions:
Welfare Increase
Welfare increase refers to an improvement in the overall well-being and economic status of individuals or communities, often measured by factors such as income, employment, and access to services.
Vertical Differentiation
A marketing strategy where a product is designed to be of higher quality or to have more features than competing products.
Consumer Welfare
The overall satisfaction, utility, or well-being that consumers derive from consuming goods and services.
Consumer Welfare
The overall satisfaction, utility, or benefit that consumers receive from consuming goods and services.
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