Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will most likely ________ for the product, resulting in a higher equilibrium price and a larger equilibrium quantity.

Question

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A successful celebrity endorsement typically makes a product more desirable to consumers, which increases the demand for the product. This increased demand, assuming supply remains constant, leads to a higher equilibrium price and a larger equilibrium quantity.

Referring to the Economics in Practice on Page 320: a Successful