People don’t pay what they’re willing to pay unless they have to. When they have choices, they don’t have to. Competition protects the buyer. And it protects the seller:Explain what prevents sellers from only charging outrageously high prices for goods and services.

Part 2- Putting It All Together- Read the quote from the essay Where Do Prices Come From? by Russell Roberts and answer the following questions.
“People don’t pay what they’re willing to pay unless they have to. When they have choices, they don’t have to. Competition protects the buyer. And it protects the seller.”
6 Explain what prevents sellers from only charging outrageously high prices for goods and services.
7 Explain what prevents buyers from only offering outrageously low prices for goods and services.
8 Fully explain how competition “protects” both buyers and the sellers.

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