points) 6. Imagine that you are buying a new phone and comparing different brands and prices. Describe at least two nonprice competition factors you might consider when making your decision. (2.0 points) 7. Give an example of a product that went through a time of scarcity, when demand was greater than the supply. What is the product, and why do you think it became scarce? What happened to the price of the product when it was scarce? (2.0 points) 8. Describe a product, and then give an example of a time when the demand for this product might be high and the demand for this product might be low. Think of seasonal items (2.0 points) 9. What does GDP stand for? Define it and tell me what happens if the GDP increases. What happens if it decreases? (2 points)