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14 September, 03:21

how will a drastic fall in the price of necklaces affect the quantity if necklaces that rachel supplies? explain your answer

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  1. 14 September, 06:15
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    if the prices get to cheap she won't have enough money to keep making new necklaces and she won't be able to produce them.
  2. 14 September, 07:00
    0
    Price and quality are positively correlated. The price of a product is a good indicator of its quality. You always have to pay a bit more for the best. The marketing literature has addressed the use of price as a surrogate for quality as a decision-making heuristic. That is; the higher the price, the higher the quality.

    Hence, a drastic fall in the price of a necklace indicates a drastic fall in it's quality.
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