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SSSSS [86.1K]
2 years ago
13

S

Business
1 answer:
Artist 52 [7]2 years ago
6 0

The statement "Eventually, when the price of the phone fell to $300, demand for the product increased and profits began to soar." describes an equilibrium in supply and demand.

<h3>What is an equilibrium in supply and demand?</h3>

This refers to a situation whereby there is a balance in market supply and demand balance which as a result prices become stable.

Because there is a fall in phone price made the demand for the product increased and profits began to soar, this is an example of an equilibrium process.

Therefore, the Option C is correct.

Read more about equilibrium

<em>brainly.com/question/24735820</em>

#SPJ1

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