ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Raise Prices
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Lower Prices
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Make cheaper to produce (low quality) products
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Make better quality (more expensive to produce) products
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Pay workers more
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Detailed explanation-1: -There are four key areas that can help drive profitability. These are reducing costs, increasing turnover, increasing productivity, and increasing efficiency. You can also expand into new market sectors, or develop new products or services.
Detailed explanation-2: -There are 3 main ways to improve the profitability of your company: Sell more, price higher and reduce costs. But profits can also be increased by greater cost efficiency.
Detailed explanation-3: -Increase sales prices Increasing the sales price of products or services is one of the easiest ways to increase profitability. When making price increases, it’s important to understand consumer expectations of the price to maintain the organization’s revenue.
Detailed explanation-4: -Assess and Reduce Operating Costs. Adjust Pricing/Cost of Goods Sold (COGS) Review Your Product Portfolio and Pricing. Up-sell, Cross-sell, Resell. Increase Customer Lifetime Value. Lower Your Overhead. Refine Demand Forecasts. Sell Off Old Inventory. More items •10-Sept-2020