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Chapter 1 - What economics is all about
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024
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ECS1501
Assignment 5 2024
Unique Number: 654552
Due Date: 22 July 2024
QUESTION 1
(i) Market Condition Description
The presenter who describes the market condition faced by Giant Bicycles most accurately is
the one who clarifies that the issue is one of over-supply rather than under-demand. This
explanation is more precise because it correctly identifies the imbalance between supply and
demand: Giant Bicycles produced more inventory than the current market demand could
absorb. Therefore, the problem is excess supply, not a deficiency in consumer demand.
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