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sp2606 [1]
3 years ago
15

In an industry in which there are several providers of a type of good, why can one business not charge much higher prices for th

eir goods?
History
1 answer:
Alla [95]3 years ago
8 0

Answer:

One business can't charge much higher prices for their goods because of supply and demand.

Explanation:

Since there are several providers the supply is wide, which means the demand is being accounted for. If a new business were to charge much higher prices for their goods it wouldn't be able to compete in an already overflowed market. To charge higher the business would have to offer a different type of goods, one that has a proper demand for the targeted prices.

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Explanation :

After the end of the profitable slave trade in Africa, due to abolishing of slavery, Europeans explored for new guaranteed markets, and heavily profitable investments. In addition, European countries were under industrialization, the demand for raw materials heavily increased. Europeans undertook the process of imperialism in Africa in the late 19th century by exercising political, economic, and military power on their African colonies

This countries focused on building their empires with new technological advances and developments, making their territory bigger through conquest, and exploiting the resources of the subjugated countries

This new wave of imperialism reflected ongoing rivalries among the great powers, the economic desire for new resources and markets, and a "civilizing mission" ethos.


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Answer:

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