part 2: putting it all together- read the quote from where do prices come from? and complete the following…

part 2: putting it all together- read the quote from where do prices come from? and complete the following. \people dont pay what theyre willing to pay unless they have to. when they have choices, they dont have to. competition protects the buyer. and it protects the seller.\ 6. explain what prevents sellers from only charging outrageously high prices for goods and services. 7. explain what prevents buyers from only offering outrageously low prices for goods and services. 8. fully explain how competition \protects\ both buyers and the sellers.

part 2: putting it all together- read the quote from where do prices come from? and complete the following. \people dont pay what theyre willing to pay unless they have to. when they have choices, they dont have to. competition protects the buyer. and it protects the seller.\ 6. explain what prevents sellers from only charging outrageously high prices for goods and services. 7. explain what prevents buyers from only offering outrageously low prices for goods and services. 8. fully explain how competition \protects\ both buyers and the sellers.

Answer

Brief Explanations:

  1. Competition among sellers means if one charges too high, buyers will go to others, so sellers must keep prices reasonable.
  2. Competition among buyers means if one offers too low, sellers will choose other buyers, so buyers must offer reasonable prices.
  3. For buyers, competition among sellers gives them choices and keeps prices down. For sellers, competition among buyers ensures there is demand at reasonable - price levels and provides a market to sell their goods and services.

Answer:

  1. Competition among sellers.
  2. Competition among buyers.
  3. For buyers, it gives choices and lowers prices. For sellers, it ensures demand at reasonable - price levels and provides a market.