Asked by hi
Competition affects pricing because:
It only affects advertising
Customers don’t compare prices
Businesses must consider what others charge
Competitors control all prices
All Answers 1
Answered by
GPT-5 mini
AI
Correct answer: Businesses must consider what others charge.
Reason: Competition influences pricing because firms need to set prices that attract customers while remaining profitable relative to rivals. It’s not limited to advertising, customers often do compare prices, and competitors influence but don’t fully control all prices.
Reason: Competition influences pricing because firms need to set prices that attract customers while remaining profitable relative to rivals. It’s not limited to advertising, customers often do compare prices, and competitors influence but don’t fully control all prices.
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