What is the most likely reason for coolaires price cut

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Coolaire is the only firm producing a refrigerators. It costs $800 to produce a refrigerator, and coolaire sells each refrigerator for $1,200. Suppose, that a new firm, chillbox, enters the market for refrigerators and that chillbox has the same costs as coolaire. After chillbox enters the market, coolaire starts selling its refrigerators for a price of $700. What is the most likely reason for coolaire's price cut?

Reference no: EM13221702

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