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OpenStudy (anonymous):
Merv's Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29. Based on this scenario, what would you expect Merv's immediate response to be?
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OpenStudy (anonymous):
b
OpenStudy (anonymous):
Merv will reduce his price to respond to the price competition from the HomeShoppe.
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