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substitutes are defined as perfect substitutes, e.g. a Panasonic
VHS recorder maybe a perfect substitute for a Sony VHS
machine, while others are close substitutes, e.g. a Philips DVD
player. More distant substitutes may be more different still, e.g.
a trip to the cinema.
· Ultimately, given time, all goods may substitute for all other
goods, e.g. money saved from not buying a new VHS may be
used to finance a new house.
· Suppliers must compete for firms business in terms of price and
quality. A variety of suppliers ensures that no one supplier can
exert undue influence over the firm...
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Common topics in this essay:
- Consumers’ Trade-Off Between Relationship, Service Package And Price
- Discuss the advantages and disadvantages, to the participating countries and the rest of the world, of forming a free trade arrangement. China, Japan and Korea are now undertaking preliminary research into the formation of a free trade area. Withi...
- Discuss the history of Australia regarding trade policies and moving from protectionist to free trade.
- Price Makers And Price Takers
- Products, Services, and Prices in the Free Market Economy: Price Elasticity of Demand
- The Advantages And Disadvantages Of Free Market Economy, Price Determination With Market Forces. And Government Intervention With Free Market Equilibrium Price And The More Suitable Model For The Sudan
- The low-price strategy of Hasee computer
- What is Porter's 5 Forces analysis? What are the main aspects of Porter's 5 Forces analysis? How to write Good Porter's 5 Forces analysis of a company? Where to find information for Porter's 5 Forces analysis.
- Who Determines The Prices Of Goods In Market? Government Or Free Forces Of Market
- Free Trade?
- There's no such thing as a free lunch
- Free Trade
- there is no such thing as a free lunch
- Free Trade
- free trade
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