Question on: WAEC Economics - 2018
producers operating in a free market economy are more efficient as a resulf of?
A
the existence of competition
B
the very few number of participants
C
the commitment of the shareholders
D
government regulation of their activities
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Correct Option: A
Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. Innovation is encouraged because it provides a competitive edge and increases the chance for wealth.
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