Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.
a. What is the equilibrium price and the equilibrium quantity?
b. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
c. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
Definitions:
Autonomy
The degree to which a job provides an employee with discretion and independence to schedule their work and determine how it is done.
Ambidexterity
The ability of an organization to simultaneously explore new possibilities while exploiting existing competencies and resources effectively.
Differentiation
The process of distinguishing or separating elements, often seen in businesses as the practice of making a product or service stand out from competitors through unique features.
Video Game Industry
A sector dedicated to the development, marketing, and monetization of video games, encompassing a wide range of roles including programming, design, art, and testing.
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