Competition in markets results in:

Question

Quizplus · Accepted Answer

Competition in markets creates incentives for producers to offer the most desirable goods and services at competitive prices, which promotes efficiency and the optimal mix of goods and services being produced. This benefits consumers who have the ability to choose from various options in the market. It also encourages innovation and investment in research and development, leading to improvements in product quality and new products that better meet consumers' needs. Therefore, competition in markets leads to the most desirable allocation of resources.

Competition in Markets Results In