If the Demand for a Product Increases and the Supply

question 62

True/False

If the demand for a product increases and the supply of the same product increases, the equilibrium price will increase.

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Definitions:

Hybrid Vehicle

A vehicle that uses a combination of an internal combustion engine and one or more electric motors to improve fuel efficiency and reduce emissions.

Lithium-Ion Battery

A type of rechargeable battery commonly used in portable electronics and electric vehicles, known for its high energy density.

Problem Recognition

The initial step in the consumer decision process that occurs when an individual perceives a difference between the current state and a desired state.

Consumer Purchase Decision

The consumer purchase decision refers to the process and factors influencing a buyer's choice of a product or service, including need recognition, information search, evaluation of alternatives, purchase, and post-purchase evaluation.