Whenever any competitor in a market raises or lowers its price, the value of every other product in that specific market is affected.

Question

Quizplus · Accepted Answer

This statement is true because any change in price by a competitor in a market can influence the demand and supply of other products in that market. If a competitor lowers its price, it can attract more customers and force other competitors to also lower their prices to remain competitive. Conversely, if a competitor raises its price, it can reduce demand and force other competitors to either lower their prices or offer a higher quality product to attract customers.

Whenever Any Competitor in a Market Raises or Lowers Its