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26 July, 20:27

What determines how a seller reacts towards the price of a good?

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  1. 26 July, 20:56
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    when the price of the good increases, the seller will increase the supply of that good

    when the price increase, the profit margin that the seller would obtain from selling that product will also be increased. Because of this, the seller would more likely to increase the supply of that product in order to obtain as much profit as he/she can before the price eventually fall down again because of over supply.
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