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.

A) increase the demand
B) increase the supply
C) decrease the demand
D) decrease the supply

Celebrity Endorsement

A marketing strategy where famous personalities are used to promote a product, service, or brand, leveraging their fame and influence.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, establishing a market balance.

Equilibrium Quantity

The quantity of goods supplied that is equal to the quantity of goods demanded at the market equilibrium price.