In a competitive market,if one firm raises its price relative to the other firms in the market,consumers are willing to go to another firm because

Question

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If the products of the firms are similar, they serve as substitutes for each other. Thus, if one firm raises its price, consumers can easily switch to another firm to get the same or similar product at a lower price. This makes the market competitive and helps prevent any single firm from exercising too much market power.

In a Competitive Market,if One Firm Raises Its Price Relative