In economics, the purpose of competition is to:
A) ensure that every firm survives.
B) motivate firms to make the highest possible profit.
C) motivate firms to make better goods at lower cost.
D) prevent unemployment.

Question

Quizplus · Accepted Answer

Competition encourages firms to improve their products and reduce costs to attract consumers, leading to better goods and services at lower prices.

In Economics, the Purpose of Competition Is To