Competition is a component of a market economy.

Name: Competition is a component of a market economy.
Brand: Quizplus
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Quizplus · Accepted Answer

Competition is a core principle of a market economy, where buyers and sellers compete with each other to set prices, offer products or services, and gain market share. This competition helps to drive innovation, efficiency, and productivity in the economy, and ultimately benefits consumers by offering them better choices at lower prices.

Competition Is a Component of a Market Economy