Ask Question
1 June, 05:37

Suppose a good or service is highly desired, but the quantity supplied is limited. How does the competition among consumers affect profits for the selling firms?

+3
Answers (1)
  1. 1 June, 08:20
    0
    If a good or service is highly desired, but the quantity supplied is limited, the sellers usually experience higher profits, because consumers "bid up" the price of the scare good in the market.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose a good or service is highly desired, but the quantity supplied is limited. How does the competition among consumers affect profits ...” in 📘 History if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers