According to Adam Smith,competition:
A)mitigates growth.
B)fosters efficiency.
C)prevents low prices.
D)increases demand.
E)increases prices.

Question

Quizplus · Accepted Answer

Adam Smith, a foundational figure in economics, argued that competition fosters efficiency by encouraging producers to improve their products and reduce their costs in order to attract more customers. This concept is a core principle of his economic theories, particularly as outlined in his seminal work, "The Wealth of Nations."