Refer to the information provided in Scenario 2 below to answer the questions that follow.
SCENARIO 2: Graphically illustrate each of the following effects on the market for home fitness equipment with supply and demand curves. State the effects on price and quantity. Consider each effect separately.
-The cost of steel used in the production of many of the exercise products increases.
Definitions:
Deliberate
To think over or consider something carefully and intentionally before making a decision.
Conscious
The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, etc.
Mental Set
A tendency to approach situations in a certain way because that method has worked in the past.
Concept
A mental representation of a category, object, or idea that helps in understanding and categorizing the world.
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