Multiple Choice
The dynamic process of competition
A) provides profit-seeking sellers with little incentive to heed consumer preferences.
B) was shown by Adam Smith to be a major source of economic inefficiency.
C) provides consumers with alternative suppliers and thus a mechanism with which they can discipline sellers.
D) will permit business decision makers to earn long-run economic profit unless they are regulated by government officials.
Correct Answer:

Verified
Correct Answer:
Verified
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