In a competitive market, a furniture company decides to use cheaper materials to decrease production costs and pass on the savings. This is an example of following a federal regulation. lowering prices for customers. reducing the risk for consumers. creating a new or better product.

In a competitive market, it is common for companies to try and offer a cheaper product. In most situations, being cheaper means the product has more chances of attracting customers when compared to expensive ones. A way to make a cheaper product is by decreasing production costs using cheaper materials, as is mentioned in the question. Of course, the product will have its price lowered, but its quality may also decrease with the use of a cheaper material. Anyway, the situation described is an example of lowering prices for customers.

ayfat23 ayfat23 · Answer 2 · 2022-02-02T13:37:33+01:00

Based on the provided information, The above scenario is an is an example of lowering prices for customers.

What is competitive market?

A competitive market can be regarded as a market with numerous producers which compete in providing goods and services.

However, in this market lowering prices for customers. serves as a strategy in gaining more customers.

Learn more about competitive market at,:

https://brainly.com/question/8614651