Explain ‘Price Stickiness’.
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Price stickiness (or sticky prices) is the resistance of market price(s) to change quickly despite changes in the broad economy that suggest a different price is optimal. ... When applied to prices, it means that the prices charged for certain goods are reluctant to change despite changes in input cost or demand patterns.
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Explanation:
Price stickiness (or sticky prices) is the resistance of market price(s) to change quickly despite changes in the broad economy that suggest a different price is optimal. When applied to prices, it means that the prices charged for certain goods are reluctant to change despite changes in input cost or demand patterns.
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