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When there is low competition, firms can use a price strategy to recover research and development costs and make as much profit as possible.

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When a market is experiencing low competition, firms can recover research and development costs by using a skimming price strategy.

What is a skimming price strategy?

This refers to when companies sell goods at a high price because there isn't much competition.

As other suppliers enter the market and the competition increases, the companies will then reduce their prices.

Find out more on skimming prices at https://brainly.com/question/14228569

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