What are two different explanations for similarity of price

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Suppose you have a suit that needs altering, and you take it to three different tailors in the same mall to get an estimate of the cost of the alterations.

All three tailors give you the exact same estimate of $25.

What are two different explanations for the similarity of the price quotes? One is consistent with competition and one is not.

Reference no: EM131830670

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