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Suppose the government sets a particular price in the market for gold,which results in an excess supply.In this situation,
Competition
Economic rivalry among businesses fighting for the same customers or markets, characterized by the struggle to attract customers, lower costs, and improve products and services.
Market Power
Refers to the ability of a company or firm to raise and maintain prices above the level that would prevail under competition.
Raise Price
The action of increasing the cost at which goods or services are sold, often to reflect increased costs or to improve profit margins.
Broadly Defined
Describes something that is regarded or classified in a very general and inclusive manner.
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