To attract customers to their store and not their more expensive competitors?
Answer:
Increase , increase
Explanation:
A decrease in the supply of a product increases in its price. Reduced supply means many buyers competing for the few available products. The prices of goods or services are determined by the intersection of the demand and supply curves. There is an indirect relationship between supply and price of quantity supplied when demand is constant. A reduced supply results in high prices while an increase in supply causes low prices.
As prices increase, suppliers will want to supply more to make profits. Constant demand and a high price will thus lead to an increase in equilibrium quantity.
The road-map which tells where the business is going is a Business plan.
A business plan is basically a map which visualize a goal desired outcome and draws out the steps needed to reach the goals.
- In other word, a business plan shows where a company is going and steps required to get there.
- A typical business plan will state likely Challenges, defined Objectives, Courses of Action, Initiatives, Mode of operation etc.
In conclusion, every successful business that exists today started with well-drawn business plan.
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