Why are price sticky? There may be more than one reason. 1) Price changes are not easy to impleme...
Why are price sticky? There may be more than one reason.
1) Price changes are not easy to implement because
2) Analyzing consumer preferences and behavior to determine the correct price change takes time and resources.
3) Implementing a price change requires time and resources.
4) Firms cannot change their output in the short run, eliminating the advantages of a quick price change.
5) Changing prices quickly may force a firm to be less competitive in its industry.
Homework Answers
Option 1,2,3,4 and 5
Short run changes in prices would take firms to respond, involves cost and would lose business if the prices are increased.
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Why are price sticky? There may be more than one reason. 1) Price changes are not easy to impleme...
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