Suppose that a recent celebrity endorsement made more people prefer this brand of cell phones. Now, more cell phones are demanded at each price level. As a result of the increase in demand, the equilibrium price _ and the equilibrium quantity _. increases, decreases

The prices increases and the quantity decreases. This question explains the concept of supply and demand. As demand goes up, the prices go up and supply goes down.

Answer Link

fatimakincsem fatimakincsem · Answer 2 · 2019-04-16T22:33:58+02:00

Answer:

As a result of the increase in demand, the equilibrium price increases and the equilibrium quantity decreases.

Explanation:

Celebrity Endorsement is an easy and quick way to boost sales of a specific product. People tend to purchase that product. When people purchase that product, the demand of the product increases, so the prices also increase. As a result of the increased demand, the supply is decreased, thus decreases the quantity of the product.

Suppose that a recent celebrity endorsement made more people prefer this brand of cell phones. Now, more cell phones are demanded at each price level. As a result of the increase in demand, the equilibrium price _____ and the equilibrium quantity _____. increases, decreases

Respuesta :

Otras preguntas

Suppose that a recent celebrity endorsement made more people prefer this brand of cell phones. Now, more cell phones are demanded at each price level. As a result of the increase in demand, the equilibrium price _ and the equilibrium quantity _. increases, decreases