Solved: What does it mean that a firm is pricing its product based, Microeconomics

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What does it mean that a firm is pricing its product based

Prompt 1: Why is the concept of equilibrium (such as a market equilibrium) important when understanding a social science? Do such equilibriums deserve respect, either morally or functionally?

Prompt 2: What does it mean that a firm is pricing its product based on "whatever the market will bear"?

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Microeconomics: What does it mean that a firm is pricing its product based

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