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Which of these groups of producers working together to raise prices and increase profits?
A Cartel
What is a cartel?
a group of producers working together to raise prices and profits
When and why do suppliers increase their production and raise prices?
so they get more money and you get less stuff
How does the price elasticity of demand influence the pricing strategies of monopolies?
The price elasticity of demand affects how monopolies set prices. If demand is elastic (responsive to price changes), monopolies may lower prices to increase revenue. If demand is inelastic (not responsive), monopolies can raise prices without losing many customers. Monopolies use this information to maximize profits and maintain their market power.
What were formed with the goals of eliminating competitors and increasing their own profits?
These were monopolies and trusts. The owners of these wanted to be the only distributors so they could raise the prices as high as they wanted.
Which of these is a group of producers working together to raise prices and increase profits?
cartel
Which of these groups of producers working together to raise prices and increase profits?
A Cartel
What is a cartel?
a group of producers working together to raise prices and profits
What do stores do to recover from theft?
To recover profits lost due to theft they raise the prices that everyone pays.
When and why do suppliers increase their production and raise prices?
so they get more money and you get less stuff
Why do flight prices fluctuate based on the frequency of searches?
Flight prices fluctuate based on the frequency of searches because airlines use dynamic pricing algorithms that adjust prices in response to demand. When there is high demand for a particular flight, prices tend to increase. Conversely, if there is low demand, prices may decrease. Therefore, frequent searches for a specific flight can signal high demand, prompting airlines to raise prices in order to maximize profits.
How does the price elasticity of demand influence the pricing strategies of monopolies?
The price elasticity of demand affects how monopolies set prices. If demand is elastic (responsive to price changes), monopolies may lower prices to increase revenue. If demand is inelastic (not responsive), monopolies can raise prices without losing many customers. Monopolies use this information to maximize profits and maintain their market power.
What were formed with goals of eliminating competitors and increasing their own profits?
These were monopolies and trusts. The owners of these wanted to be the only distributors so they could raise the prices as high as they wanted.
What firms could raise prices and expect an increase in revenus?
a firm whose product has an elasticity of 0.31
What were formed with the goals of eliminating competitors and increasing their own profits?
These were monopolies and trusts. The owners of these wanted to be the only distributors so they could raise the prices as high as they wanted.
What are the situations in which a marketer may increase and decrease prices?
Prices are mostly based on the laws of supply and demand. If a product is very popular and there is a low supply, the marketer would probably raise the price.
To hike prices is an informal usage?
Yes, "to hike prices" is an informal phrase commonly used in everyday language to describe increasing prices, particularly in a sudden or significant manner. It conveys a sense of abruptness and can imply that the price increase is more than just a routine adjustment. In formal contexts, one might use terms like "to increase prices" or "to raise prices" instead.
