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Introduce the chosen news article and its source.

Provide a brief overview of the main points discussed in the article.

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Use a graphic to visually demonstrate the standard equilibrium model's application to the policy or situation in the article.

Analyze whether the model’s predictions align with the article's content.

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Summarize the positive (descriptive) and normative (value-based) analysis of the policy or situation.

Present a reasoned conclusion on the policy's effectiveness, considering efficiency, equity, winners and losers, etc.

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Identify and explain relevant economic concepts related to the article.

Describe how the article ties into class economic principles.

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Influencer marketing has been growing over the past few years. Influencers have a lot of power when it comes to impacting consumer demand. Influencers are compensated for their association with a brand. They tell their followers about how great a product is whether they truly believe it or not. This can create a moral hazard especially if the influencer's values don't align with the brand that they are associated with. This uninformed endorsement can create an excessive demand for poorly made, cheap products outside of the market equilibrium. This creates an economy with market inefficiencies and an increased number of dissatisfied consumers. Also, when brands endorse influencers that later come under negative light, it can be a liability for companies.

In order for companies to mitigate the risk of partnering with influencers they should carefully consider who they select. Brands should conduct thorough research when selecting influencers to partner with. They should look into every action of the influencer to ensure that there is little risk for negative incidents. Companies should partner with influencers that have aligning values. This creates a more authentic feel from the influencer, making it more likely that consumers believe that a product is truly beneficial.

Consumers need to do their due diligence when listening to influencers about products. It's important to understand that influencers are incentivized to speak positively about a brand, and what they say might not be what they believe in. It's as simple as looking at hashtags to figure out if an influencer is partnered with that brand instead of simply informing their followers about a product they like. Consumers should dig deeper into reviews and try to find consistencies, positive or negative. Finally, consumers can consider an influencer's credentials or look up the product and see what other influencers are saying about it. The better informed the consumer is, the more likely that they can make the right decision

Sources: https://www.cmswire.com/digital-marketing/why-brands-should-tread-carefully-with-influencer-marketing-in-2023/

https://www.nytimes.com/2024/04/21/briefing/e-commerce-influencers-wirecutter.html

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The situation of misleading marketing and misinformation of products leads to an increase in demand because consumers are buying more at the same price because they think they are getting a better product than they really are.

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The article explains how the misinformation of consumers creates an excessive demand. This demand is falsely created, as consumers think they are demanding products that are portrayed as something better than they really are. The article explains how the market has become saturated with these misleadingly marketed products, instead of the ones that are accurately represented.

The standard equilibrium model is accurate for the demand but doesn’t cover the supply part. As seen in the article, the market is getting flooded by these types of products because new companies are entering the market, which means that the supply curve should also be shifting right. The article says that influencer marketing has been growing over the years, which indicates that more supply has been brought into the market.

It is also important to mention that this graph is representative of the market as a whole instead of a specific product. The market as a whole is profiting from the misinformation of a large number of products and keeps on getting bigger, but a single product’s lifespan is relatively short, as consumers will buy them once when they get marketed but will understand that they've been lied to and not buy that product again. In other words, the market as a whole is increasing because cheap products are entering it every day, but those products don’t last too long.