Examlex
An equilibrium price can be described as
Elastic
Describes demand that is sensitive to price changes, where a small change in price results in a significant change in the quantity demanded or supplied.
Dropping Price
A strategy involving the reduction of the price of a product or service with the aim of attracting more customers or selling off surplus stock.
Increased Sales
A rise in the number of products sold or services rendered, leading to higher revenue for a business.
Competitor-Oriented
Strategies or practices focused on understanding and reacting to the actions and market positioning of business competitors.
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