could likely result in a notable loss of sales to competitors
It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $179.00 to $199.00, ____________________.

Question

24-11-2022
Business

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could likely result in a notable loss of sales to competitors
It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $179.00 to $199.00, ____________________.

Respuesta :

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Yogeshkumari Yogeshkumari · Answer 1 · 2022-12-07T10:34:54+01:00

The price of a firm's product of the prevailing market price could likely result in a notable loss of sales to competitors.

Market price

In economics, market price refers the current price at which an asset or service can be bought or sold.

Given,

Here we need to find the It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $179.00 to $199.00.

While we looking into the given question, we have identified that the market price is increased.

It can be calculated by finding the difference between the previous one and the current one,

=> 199 - 179 = 20

But this will make the demand to decreased because of the high price and it will also lead to the loss to the competitors.

To know more about Market price here.

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could likely result in a notable loss of sales to competitors It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $179.00 to $199.00, ____________________.

Respuesta :

Otras preguntas

could likely result in a notable loss of sales to competitors
It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $179.00 to $199.00, ____________________.