Solved

The Dynamic Process of Competition

Question 32

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:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions