If a firm raises its product prices beyond reasonable levels, it will generally lose some of its market share.

Name: If a firm raises its product prices beyond reasonable levels, it will generally lose some of its market share.
Brand: Quizplus
Rating: 4.9 (33 reviews)

Question

Quizplus · Accepted Answer

When a firm raises its product prices beyond reasonable levels, the demand for its products or services decreases as some customers are likely to switch to less expensive alternatives, and it may lead to a decrease in the firm's market share.

If a Firm Raises Its Product Prices Beyond Reasonable Levels