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lukranit [14]
4 years ago
8

Suppose a good or service is highly desired, but the quantity supplied is limited. How does the competition among consumers affe

ct profits for the selling firms?
History
1 answer:
sveticcg [70]4 years ago
5 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.
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