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If both supply and demand increase, then the change in equilibrium quantity is indeterminate.
Locally Owned
Businesses that are owned, operated, and situated within a specific local community or area.
Value-based Marketing
A marketing approach that focuses on delivering products and services that provide superior value to customers, leading to strong brand loyalty and higher customer satisfaction.
Perceived Value
The relationship between a product’s or service’s benefits and its cost.
Modest Profit
A relatively small financial gain achieved by a business from its operations, often seen as reasonable or not excessively high.
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