Economists like to illustrate the benefits of competition by comparing the results of a(n) ____ with the results of a(n) ____.

Name: Economists like to illustrate the benefits of competition by comparing the results of a(n) ____ with the results of a(n) ____.
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Question

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Economists often compare a competitive market, like a commodity market, with a monopoly to illustrate how competition can lead to more efficient outcomes, lower prices, and increased consumer surplus.

Economists Like to Illustrate the Benefits of Competition by Comparing