SOLUTION: ECON 101 UBC Microeconomics Effects of Low Price Guarantee on The Price Discussion

Attached. Please let me know if you have any questions or need revisions.1RUNNING HEAD:ECONOMICSEconomicsNameInstitutional AffiliationRUNNING HEAD:ECONOMICS2Effects of low price-guarantee on the priceProviding a low price-guarantee means providing the lowest price possible thanany other competitor’s lower price. This provides price collusion that affects firms’pricing strategies both in the short run and long run. Consumers’ choices are affectedby price changes. A promise of a lower price will attract customers to purchase morefrom that particular company. However, this does not mean that the customers willstop searching for lower prices. Such customers associated with lower prices willcontinue searching for lower prices elsewhere and make purchases. This shows atrend where competitors lower prices in anticipation of more sales lowering the priceseven furth…

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