Fill in the blanks. it is for individual firms in competitive markets to invest in advertising because they sell advertising in this market increases without directly influencing sales. however, will still advertise to increase demand for the common product.
c. consumer sovereignty
as the sandwich is popular and profitable, it proves that it is influenced and chosen to buy (from spending power)
the correct statements are:an increase in price leads to a decrease in quantity demanded. a decrease in price leads to an increase in quantity demanded.
according to law of supply & demand:there is an inverse relationship between the price & quantity demanded. there is an direct relationship between the price & quantity supplied.