Firms that charge more than the going competitive rate attract few customers in which competitive environment?
A) Company-controlled
B) Market-controlled
C) Government-controlled
D) Generic

Question

Quizplus · Accepted Answer

In a market-controlled competitive environment, prices are determined by the forces of supply and demand. Firms charging more than the going rate will attract fewer customers because consumers have the freedom to choose among competitors based on price, quality, and other factors.

Firms That Charge More Than the Going Competitive Rate Attract