Business, 14.06.2020 04:57 mandi795

Select the correct text in the passage. Which sentence describes equilibrium in supply and demand?
(1. A cell phone manufacturing company decided to use a price-skimming strategy to enter the market.) It set the price of its phones at $450. However, a range of other premium smartphones was already available in the market, and thus the product did not achieve a good demand. (2. Eventually, when the price of the phone fell to $300, demand for the product increased and profits began to soar.) (3. Now, market research suggests that if the company reduced its price to $275, the quantity demanded would also rise.) The rise in demand was predicted to be 30 percent. (4. However, a profit study revealed that to increase demand, it would have to compromise on profits. Thus, the company decided to leave the price at $275.) This would help them gain enough customers to make a profit while also manufacturing enough phones to meet demand.

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