Using Figure 13-4 above,how much price competition is likely for small coffee shops?
A)There is almost none;the market sets the price.
B)There are many sellers competing within a range of prices.
C)There is generally a price leader that sets the price.
D)Starbucks sets the price and all other coffee shops follow its lead.
E)Price is set by the seller but regulated by the government.

Question

Quizplus · Accepted Answer

In a competitive market with many small coffee shops, there would likely be price competition as each seller would try to attract customers by offering lower prices or better deals than their competitors.

Using Figure 13-4 Above,how Much Price Competition Is Likely for Small