What is the primary requirement for a market to be competitive? Is competition necessary for markets to
Question:
What is the primary requirement for a market to be competitive? Is competition necessary for markets to work well? Why or why not? How does competition influence the following:
(a). The cost efficiency of producers,
(b). The quality of products,
(c). The discovery and development of new products? Explain your answers.
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The primary requirement for a market to be competitive is that there are a sufficient number of buyers and sellers and no single entity or group of en...View the full answer
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Related Book For 
Economics Private And Public Choice
ISBN: 9780357133996
17th Edition
Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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