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Why is it important to investigate the competition when setting up your own prices?
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Why is competition important in the US enterprise system?
Competition has, as two of it's results, improved products, and lower prices, both very good things for the consumer.
Why is competition an important part of a free market system?
Competition is very important in a free market system because it helps drive prices down which in turn increases sales. For example, there was a gas station where I live that was able to charge $.05 to $.10 per gallon more for gas than the next town because they didn't have any competition. Customers would rather pay a bit more because of the convenience of it. When a competitor built a gas station across the street, the gas prices went down because both companies were trying to attract the same customers. When there is competition, the customer wins.
Why is competition important in a free market system?
they can see the different prices and special functions of a particular product. they can also compare those things. competition isn't only good for consumers but also for the people who make the better product.
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
Before setting prices its wise to?
Before anyone enterprising establishes their prices they need to check the prices of their competitors. If you set your prices higher than the competition you have to have a good reason for doing so, such as, exceptional quality.
Before setting your prices its wise to?
Before anyone enterprising establishes their prices they need to check the prices of their competitors. If you set your prices higher than the competition you have to have a good reason for doing so, such as, exceptional quality.
Why is competition important in the US enterprise system?
Competition has, as two of it's results, improved products, and lower prices, both very good things for the consumer.
Why is competition an important part of a free market system?
Competition is very important in a free market system because it helps drive prices down which in turn increases sales. For example, there was a gas station where I live that was able to charge $.05 to $.10 per gallon more for gas than the next town because they didn't have any competition. Customers would rather pay a bit more because of the convenience of it. When a competitor built a gas station across the street, the gas prices went down because both companies were trying to attract the same customers. When there is competition, the customer wins.
Why is competition important in a free market system?
they can see the different prices and special functions of a particular product. they can also compare those things. competition isn't only good for consumers but also for the people who make the better product.
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.
