You read an article in a news magazine that explains how the economy expanded for several years, and then went into a period of contraction. what is the main subject of this article?
a. poverty
b. microeconomics
c. the business cycle
d. voluntary exchange
what happens to the equilibrium price when supply goes down?
a. the price goes up.
b. the price goes down.
c. the price stays the same.
d. the price goes up, and then goes down.

You are a team of marketing consultants. it is 2008 and the great recession has struck. one of your clients is whole foods market (sometimes known as whole paycheck). wfm has come to you and asked for strategic advice on how to adapt their product and pricing strategies in light of the economic downturn: 1. advise wfm on the various approaches that could be taken to reducing price. be sure to consider potential psychological impact of price reductions on wfm consumers. 2. based on the options outlined in part 1, recommend an approach and support with marketing theory.