Competition benefits individuals because
A) Firms must continually work to improve their products.
B) Technology continually improves.
C) Consumers get the goods and services at the lowest possible price.
D) Resources are allocated to their highest-valued use.
E) All of these are true of competition.
Correct Answer:
Verified
Q7: More competitors will increase the market supply,
Q8: The results of competition will be different
Q9: "Creative destruction" is:
A) always easy and fast
B)
Q10: All of the following are characteristics of
Q11: Which of the following is most likely
Q13: A monopolist will earn
A) normal profit in
Q14: Which of the following is least likely
Q15: A monopolistically competitive firm will maximize profits
Q16: The demand curve facing a perfectly competitive
Q17: Monopoly is a market structure characterized by
A)
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