COMPETITION FOSTERS EFFICIENCY BECAUSETHE GOVERNMENT REGULATES PRI...

71. - TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
71. Competition fosters efficiency becausethe government regulates prices.→ producers have to offer the best products at reasonable prices.supply depresses prices.all buyers have perfect knowledge.businesses can set whatever prices they want.If producers do not offer the best products at the most reasonable price, the business will fail. Accessibility: Keyboard NavigationBloom's: KnowledgeDifficulty: MediumLearning Objective: 01-04 Describe the role of supply; Multiple Choice Question demand; and competition in a free-enterprise system.