Broadly defined, competition involves
A)private property and freedom of expression.
B)independently acting buyers and sellers and freedom to enter or leave markets.
C)increasing opportunity costs and diminishing marginal utility.
D)capital goods and division of labor.

Question

Quizplus · Accepted Answer

Competition in economic terms involves independently acting buyers and sellers along with the freedom to enter or leave markets. This ensures a competitive environment where prices, quality, and services can adjust based on supply and demand dynamics.

Broadly Defined, Competition Involves