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Competition will lower the price of products
Winston Stehr
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∙ 12y agoCompetition will lower the price of products
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What is likely effect of competition among Internet service providers on the price of services?
The price of services will decrease.
What most accurately explains the effect of competition among local gas stations on the price of gasoline?
The price of gasoline will decrease
Most accurately explains the effect of competition among local gas stations on the price of gasoline?
The price of gasoline will decrease
What statement most accurately explains the effect of competition among local gas stations on the price of gasoline?
The price of gasoline will decrease.
Compare and contrast price vs non-price competition?
Price competition refers to as who will sell for the lowest price. Meanwhile, non-price competition refers to the person who can sell the most attractive product.
How do firms engage in price competition?
Firms might engage in price competition by advertising that they offer the lowest price on selected merchandise. Price competition lowers the selling price of the good, relative to competitors' prices.-From Usatestprep.com
What effect did the guilds have on competition and prices?
Guilds had effect on Competition and Prices because they were skilled like that. Also they price different things like a craft guild, for example, he makes weaves and paintings and sells them for the Holy Roman Catholic Church. Merchant makes competition because he makes things that people in everyday life need.
Distinguish perfect competition and imperfect competition?
In imperfect competition the producer is the price maker. Whereas in perfect the producer is the price taker meaning there are many producers and no one can influence the price.
Which statement most accurately explains the effect pf competition among local gas stations on the price of gasoline?
The demand for gasoline will decrease. The price of gasoline will decrease. The supply of gasoline will increase. The price of gasoline will increase.
Advantages of Competition Based Pricing?
what are the advantage of competition based price
Price effect is a combination of income effect and substitution effect?
Yes, Price effect = substitution effect + income effect
Why firms choose non-price competition over price competition?
Imperfectly competitive firms engage in none-price competition (like advertisement). For example, in monopolistic competition, each firm has their own customers(by establishing some consumer loyalty), modest change in the output price of any single firm has no perceptible influence on the sales of any other firm, i.e one firm can raise price without losing all customers. Therefore, price competition makes no sense.
