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What effect does lack of competition in command economies?
very high prices
How do consumers benefits from competition among business?
competition leads to lower prices
A major characteristic of monopolistic competition is that prices will be .?
higher than in perfect competition
What happens if competition decreases in a certain industry?
Competition helps to keep the quality high and prices down. If competition decreases, the quality can go down and the prices can go up in that industry.
What is price competition?
Intense competition in which competitors cut retail prices to gain business
What effect does lack of competition in command economies?
very high prices
What was one long-term effect of high U.S. tariffs?
The long term effect of tariffs and other trade barriers are that eventually the prices will increase. The reason that prices increase is that the competition for that business is decreased.
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.
What is a negative effect of government regulation?
they cut into company profits, they stifle competition, they cause higher prices for consumers.
What is consider a negative effect of governments regulation?
they cut into company profits, they stifle competition, they cause higher prices for consumers.
What happens when more an more companies get into the games business?
More companies entering the Games business should lead to more competition and a lowering of prices.
Why did some people believe that lack of competition would hurt consumers?
Theoretically, competition keeps prices low because various firms vie for the business of consumers. When they compete, they attempt to win a larger market share by lowering prices. Therefore, if competition is lacking, prices will increase. Take a monopoly for example. No competition means they can set really high prices.
How do consumers benefits from competition among business?
competition leads to lower prices
A major characteristic of monopolistic competition is that prices will be .?
higher than in perfect competition
How consumers benefit from competition among businesses?
competition leads to lower prices
A major characteristic of monopolistic competition is that prices will be _____.?
higher than in perfect competition
What happens if competition decreases in a certain industry?
Competition helps to keep the quality high and prices down. If competition decreases, the quality can go down and the prices can go up in that industry.
