Demand curves must be based on marketing research estimates that may be less exact than cost figures.

Question

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Demand curves are estimates of the quantities of a product that consumers are willing and able to buy at a given price. These estimates are based on marketing research, which may involve surveys, focus groups, and other methods of gathering information about consumer preferences and behavior. However, unlike cost figures, demand estimates are inherently uncertain and may be subject to a wide range of factors that can affect consumer behavior, including changes in market conditions, changes in consumer preferences, and changes in the availability of substitute products. As a result, demand curves must be based on marketing research estimates that may be less exact than cost figures.

Demand Curves Must Be Based on Marketing Research Estimates That