Asked by Jacob Andersen on May 12, 2024
Verified
Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will most likely ________ for the product, resulting in a higher equilibrium price and a larger equilibrium quantity.
A) increase the demand
B) increase the supply
C) decrease the demand
D) decrease the supply
Celebrity Endorsement
A marketing strategy where famous personalities are used to promote a product, service, or brand, leveraging their fame and influence.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, establishing a market balance.
Equilibrium Quantity
The quantity of goods supplied that is equal to the quantity of goods demanded at the market equilibrium price.
- Understand the impact of the internet and celebrity endorsements on product demand and consumer behavior.
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Learning Objectives
- Understand the impact of the internet and celebrity endorsements on product demand and consumer behavior.
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