The higher the amount a firm can change for its products is in direct proportion to
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The higher the ‘amount a firm’ can charge for its products is in direct proportion to its demand and supply in the market.
Explanation:
- The pricing of the product depends on its cost of production, demand for the product, Price of Competing Firms and the purchasing Power of Customers.
- The product should be able to ‘earn good profits’ for the company and it be able to satisfy the customers.
- The cost conditions of the product help to determine its prices. Demand plays an important role in the competitive market.
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