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According to your reading assignments, market economies rely on competition among producers to ensure that consumers get the products they want at the lowest possible
According to your reading assignments, market economies rely on competition among producers to ensure that consumers get the products they want at the lowest possible prices. The argument could be made that in the absence of competition, the "power of the market" shifts to the producer, In this assignment, you will have an opportunity to test that hypothesis. A. Identify one company in your community, city, or state for which there is little or no competition. What is the company? Why do you think there is little or no competition for this company's products? B. Does this company charge higher prices than would be the case if another competing firm entered the market? Explain. C. Does this company have less variety or lower quality service as a result of the lack of competition? Explain. D. Would more competition be beneficial in this market? Explain
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