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Why are price sticky? There may be more than one reason. Price changes are not easy to implement because I:I Firms cannot change their output

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Why are price sticky? There may be more than one reason. Price changes are not easy to implement because I:I Firms cannot change their output in the short run, eliminating the advantages of a quick price change. El Implementing a price change requires time and resources. El Analyzing consumer preferences and behavior to determine the correct price change takes time and resources. [I Changing prices quickly may force a rm to be less competitive in its industry

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