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Holding all other things constant, if the price elasticity of demand increases (i.e., becomes more negative) , then the markup under the economists' approach to pricing will:
Competitive Environment
Refers to the external surroundings, including the number and strength of competitors, that affect an organization's ability to achieve its goals.
Corporate Philosophy
A set of guiding principles and values that dictate the behavior and strategic direction of a company.
Products/Services
The offerings provided by businesses to meet the needs or wants of consumers, encompassing both physical goods and intangible services.
Firm's Location
The geographical placement of a business's operations, which can significantly impact its accessibility, costs, and market reach.
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